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Employers Liability Insurance

Unlike most of the other business insurances Employers Liability Insurance is a legal requirement and as a general rule of thumb you would need it for your employees if:

  • You deduct Tax and NI from their wages
  • You supply most of the equipment or tools they use to work
  • You pay them on a per hour, day or week format

Even if your employees only work on a part time and casual basis the need to have employer’s liability insurance is still applicable. For every day you are uninsured you could be fined up to £2500. But it’s not just the law, having employers liability insurance makes excellent business sense.

For example, if any employee suffers an injury during the course of their work you could be held financially liable, employer’s liability insurance covers the cost of compensation claims and related legal expenses. Accidents can happen from something as simple as a trailing cable or wet floor. But the cost that follows can be crippling especially to small or medium sized companies.

There are a few instances where you could be exempt from having to have employer’s liability insurance, which are:

  • If you own a limited company and only have one employee and they own more than 50% of the company shares.
  • A company which is not limited and has only 1 employee (sole trader) who is the principal of the business.
  • A company which is not limited and of more than 1 employee where employees are close family members.
  • Partnerships where the directors are equal partners in the business and do not employ others.

So as you can tell the vast majority of UK business will need to have employer’s liability insurance in place. If you are required to buy employers’ liability, the law requires you to be insured for at least £5 million, although many insurers offer a minimum cover of £10 million. You are required to display a certificate of the insurance where your employees can see it (printed or online).

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