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Employers liability insurance gives protection to the business owner (employer) and the worker (employee) alike. It is effective in three cases. First, in case your employee falls ill, second, he suffers an injury and third, in case of an employee’s death. Acquiring employers liability insurance is a legal obligation for every business. There is no escaping it. However, if you are your only employee or you don’t hire anyone outside your family, only then can you make an exception.
USA, Britain and many other countries force a policy of mandatory employers liability insurance acquisition.
Your insurance provider is obligated to all the costs incurred if an accident happens at your business and your employee or employees decide to take legal action. Your insurance provider will cover your legal fees, medical fees, and any other fee related to the legal proceedings.
When covered by an employers liability insurance, part or whole of the costs of a claim may be covered for you. This depends upon the factor as to who was responsible for the accident in the first place. If it was your employee himself, you don’t have to worry about the costs any further.
Note again that employers liability insurance is a legal obligation. If you did not get it, you can be punished under the law and may have to pay a fine for each day that your employee(s) were not covered. In fact, a health and safety agency may even shut down your business.
The insurance certificate that you get must be available for your employees to read. You can put up a copy of the certificate on your company’s information board and perhaps put another copy on the company website, whatever way suits you better.
EL insurance does not cover public. It only only covers your employees. In the event a customer or third party is injured on your premises, your commercial/public liability coverage will cover the costs if legal action is taken.
Furthermore, EL insurance does not protect your from discrimination claims, wrongful terminations claims, harassment claims, etc.
It is important that your EL insurance is issued and serviced by an authorized insurer. If it is not or you are unsure, you may be at legal risk. The premium costs also vary so it is in your best interest to find a reputable insurer that provides great service and coverage at a reasonable cost.
Employers liability insurance will save you money in case your employee(s) suffer an accident. On the other hand, it gives employees a sense of security and protection. Employers Liability Insurance is by all means a win-win situation for both business owners and workers.
By: Ben Ashfalk
USA, Britain and many other countries force a policy of mandatory employers liability insurance acquisition.
Your insurance provider is obligated to all the costs incurred if an accident happens at your business and your employee or employees decide to take legal action. Your insurance provider will cover your legal fees, medical fees, and any other fee related to the legal proceedings.
When covered by an employers liability insurance, part or whole of the costs of a claim may be covered for you. This depends upon the factor as to who was responsible for the accident in the first place. If it was your employee himself, you don’t have to worry about the costs any further.
Note again that employers liability insurance is a legal obligation. If you did not get it, you can be punished under the law and may have to pay a fine for each day that your employee(s) were not covered. In fact, a health and safety agency may even shut down your business.
The insurance certificate that you get must be available for your employees to read. You can put up a copy of the certificate on your company’s information board and perhaps put another copy on the company website, whatever way suits you better.
EL insurance does not cover public. It only only covers your employees. In the event a customer or third party is injured on your premises, your commercial/public liability coverage will cover the costs if legal action is taken.
Furthermore, EL insurance does not protect your from discrimination claims, wrongful terminations claims, harassment claims, etc.
It is important that your EL insurance is issued and serviced by an authorized insurer. If it is not or you are unsure, you may be at legal risk. The premium costs also vary so it is in your best interest to find a reputable insurer that provides great service and coverage at a reasonable cost.
Employers liability insurance will save you money in case your employee(s) suffer an accident. On the other hand, it gives employees a sense of security and protection. Employers Liability Insurance is by all means a win-win situation for both business owners and workers.
By: Ben Ashfalk