Employers Liability Insurance might be a legal requirement, but there are numerous benefits to businesses that take out this type of insurance policy. Not only will it protect your business against claims made by employees, but it will also help you to attract more employees because of the security it offers them and the peace of mind it provides you as an employer. Here are just five of the many reasons to look into Employers Liability Insurance in North Wales!
1) Damage to Premises
If an employee is injured on their way to work or suffers an accident at your workplace, you may have to deal with a claim from their employer. It’s important to have employers liability insurance that protects against such claims. Making sure you’re covered against all accidents will ensure your business won’t face legal issues in these circumstances.
2) Compensation for Employees
We are responsible for paying our employees fairly if they are injured at work. However, if you don’t have enough money to pay for an employee’s injuries or death, that liability would fall on us. This is where employers liability insurance comes into play. It makes sure that your employees will be taken care of and compensated should something happen to them while working at your business.
3) Compensation if Customers are Injured
An Employers’ Liability policy protects you against compensation claims made by customers who are injured on your premises or as a result of something that happens there. As an employer, you will be covered if an employee causes an injury to a third party, with payment usually coming from your insurance provider.
4) Risk Assessment
Whether you’re planning to start a small office cleaning business or want to hire someone on a temporary basis, there are risks involved with running any type of business. These risks could range from theft and accidents to health-related issues. Without taking care of these risks by buying Employers Liability Insurance, you could be legally liable for any injuries your employees sustain while working on your premises.
5) A Legal Requirement
As mentioned above, employers liability insurance is a legal requirement under UK law. The purpose of employers liability insurance is to protect your business from being sued by employees should they get injured while working at your company. If you want to open up a business that has employees, it’s important that you carry out due diligence and insure yourself against potential future litigation.