UK businesses are being reminded of the importance of employers liability insurance, after a survey showed that many companies are deciding to cut down on the cover in order to save money.
Employers liability insurance is required by law and any business found not to have the cover will be fined by The Health and Safety Executive.
£5 million of employers liability insurance is required by any UK company that employees more than one person, this is for protection against any liability claims and court costs should a member of staff become injured or fall ill as a result of the business.
The survey carried out by a leading liability insurer also found that UK businesses are also cutting down on other insurances, which would potentially ruin them if they are not insured. £49,000 in compensation had to be paid out to one company for a business interruption claim and one had £36,000 in fire. Could you business find the extra funds if you weren't insured?
Purchase your business insurance from Lower Premium, providing £10 million of employers liability insurance as standard, business interruption cover and also buildings insurance for protection against fire.
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