3 Key Benefits of
Taking Out Employer’s Liability Insurance
While tighter regulations have helped improve health and
safety in the U.K. construction industry, the fact remains that builders are
inherently subjected to a fair amount of risk. As such, it’s critical that
those involved in the sector invest in the right construction insurance
policies so that they’re covered in the event that something goes wrong.
One of the most important types of cover is employers’ liability insurance. This is
typically a legal requirement for many businesses in the U.K. and can help
protect both your employees and you as their employer. In 2015 alone, liability
insurers in the U.K. paid out £2.9 million every single day for employers’
liability, according to figures collated by the Association of British Insurers.
Still on the fence about whether you need employers’ liability
insurance? Here are three key reasons to take out this type of policy:
1. Provide Employees
With Greater Certainty
The first and most important advantage of investing in
employers’ liability insurance is that it provides your workers with a higher sense
of security. While taking a proactive approach to safety can help minimise the
risks associated with the construction sector, it goes without saying that
accidents can still happen. If something goes wrong, employers’ liability
insurance covers any relevant costs that your employees may face, providing
them with financial security and peace of mind during a difficult time.
2. Fulfil Your Legal
Obligations
Looking beyond the safety factor, taking out employers’
liability insurance ensures you’re satisfying all your legal obligations as set
out by law. Legally, most businesses in the U.K. that have employees (even just
one!) are obligated to have employers’ liability insurance. Failure to do so
could result in you facing huge fines that could impact your financial security
and affect day to day operations. If your business trades as a Limited Company
and employs anyone, there’s a very good chance you legally need to have
employers’ liability insurance.
3. Protect the
Financial Security of Your Company
Last, but by no means least, investing in employers’
liability insurance is critical for the financial security of your company.
Although you may think it’s unlikely that something could ever happen in your
workplace, in reality the hazardous nature of construction sites means that
employers can often be held liable for accidents involving employees.
Employers’ liability insurance can pay for the costs of any claims made against
you and may also cover any legal or medical expenses associated with the accident.
These costs can easily exceed tens of thousands of pounds which - if you’re not
covered - would probably have a noticeable impact on your bottom line and
ability to operate as a small business.
As you can see, employers’ liability is one of the most
important types of construction insurance policies and should not be neglected.
If you’re in the market for employer’s liability or any other type of builders’
insurance, give the OnSite Insurance team a call
today on
01902 324 194.
