Do I need employers’ liability insurance for a limited company?

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As a company owner, is employers’ liability insurance something that I actually need? I’m planning to hire a few employees, but I am not confident I need insurance. What are your thoughts?

Thank you

Bailey Barker

Answers

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Employer’s liability insurance is compulsory if you employ anyone other than yourself (the company director) or family members; however, it is still beneficial to have this cover even if you are legally exempt because it will cover the cost of compensation for any injuries or illness sustained by employees during the course of their work, whether caused on or off site.

The Employer’s Liability (Compulsory Insurance) Act 1969 dictates that you must have a minimum level of of £5 million insurance cover from an authorised insurer. You could be fined up to £2,500 for every day you are not adequately insured. Get some quotes from a comparison website to find out how much your premiums will cost.

a year ago
 

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