If you have employees, Employers’ Liability Insurance is a legal requirement for your business. Mastercover will compare quotes to ensure that you’re protected whilst staying on the right side of the law.
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As soon as you become an employer* – whether it’s of one person or hundreds – you are required by law to take out an employer’s liability insurance policy. Your policy must cover you for at least £5 million (£10 million is standard) and come from an authorised insurer. Mastercover will scour the UK market for the best insurance deal, providing you with unbiased advice as to the most value for money deals with a very fast turnaround; your business may be fined up to £2,500 for every day that you do not have an adequate employers’ liability insurance policy in place.
In short, employer’s liability insurance helps you to pay compensation in the event that an employee is injured or becomes ill due to the work they do for you. You will need employers’ liability insurance for any full or part-time employees, self-employed contractors, temporary staff, apprentices and volunteers. The easiest way to take out an effective employer’s liability insurance policy is to extend your existing liability insurance. The price you’ll pay depends on a range of factors, such as your annual turnover, the number of employees you hire and the type of work they are required to do.
*Employer’s liability insurance may not be necessary if you only employ a family member, or somebody who is mostly based abroad. Please contact us to find out more on 0208 236 3600.
You can check online via the FSA Register.