Employers liability insurance is a mandatory insurance policy for all business owners that are taking the services of an employee. For example, if you are the chief operating officer of a private limited company then you will need employers liability insurance by law.
Employers liability is designed in such a way that it provide cover for your employees in case of any emergency. Point to be noted here is that employers liability does not cover you against the risk of being sued for claims like wrongful suspension and sexual discrimination. Employers liability is basically a legal liability to pay damages consequent upon disease or bodily injury sustained by any employee during the job period. According to law, it is mandatory for every business employing staff to take out employers liability cover.
Employers liability cover includes trainees, temporary workers and sub-contractors. If you are running a limited company, employers liability cover is essential. In case if you are a sole director with no staff then there is no need of any cover. In terms of limit of indemnity for employers liability, the minimum level required is $5 million. However, for more peace of mind you should opt for a policy that covers more than $10 million. You always have a choice of increasing the limit of indemnity for employers liability.
To get a best possible employers liability insurance deal, you need to shop around in the market. Insurance companies normally give discount of around ten per cent when you have more than 50 employees. When you take quotes from multiple insurance companies you will get to know what the prevalent market rates is. This in turn will ensure that you will face no problem in terms of rates. You can also get employers liability insurance policy through online insurance companies. The best part about online insurance companies is that the application procedure is quite straightforward here. You just need to give the details of employees and in a matter of few days, you will get the contract paper of employers liability insurance. Read the contract paper carefully before submitting it to the insurance company.
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