What is employer’s liability insurance? ELI?
In the UK, employers must legally have employer’s liability insurance (ELI) if they employ one or more people. It’s a form of insurance that protects businesses from employee legal claims for things like work-related injuries and illnesses.
The minimum level of cover is £5 million, although many employers decide to increase this to a higher amount. ELI covers the cost of any claims for employers, including medical expenses, lost wages and legal fees.
Benefits of Employer’s Liability Insurance
There are several benefits to having Employer’s Liability Insurance, including:
● Peace of mind. Knowing you and your business are financially protected should one of your employees become ill or suffer an injury is worth its weight in gold.
● Covers the cost of claims. In most cases, if an employee makes a claim, your insurance will cover the cost of the claim, rather than having to pay out of your own pocket.
● Improved staff morale. With ELI in place, you’re showing your employees that you’re taking their safety seriously by providing a safe working environment. This can lead to a happier, more positive and more productive workplace for everyone. And happier staff makes for a better business.
How to get ELI?
You can buy Employer’s Liability Insurance from various insurance companies that offer this type of cover. Choose a policy that meets all your needs and provides the right level of cover.
Employers’ Liability Insurance: extra tips
Now you know what ELI is and why it’s important for all employers to have this insurance protection in place, here are some extra tips to help you get the best cover:
● Get quotes from multiple insurers. The cost of ELI can vary, depending on your needs and the insurer. So, get quotes from several providers before making your decision.
● Make sure the policy covers all your employees. Regardless of job title or location, your ELI insurance policy should cover every employee in your business, wherever they work from.
● Read the policy carefully before signing on the dotted line. Make sure you read through the policy thoroughly, particularly understanding the terms and conditions, before you put pen to paper.
Securing the best ELI policy for your business is not just a legal requirement, it’s an important way to protect your business, too.