Is your business legally covered for any incident or issue that may arise? Without taking a close look at every kind of commercial and corporate insurance policy available, it’s often hard to know – unexpected problems can rear up their heads out of nowhere, no matter how well you’ve planned for each eventuality. This means that the more knowledgeable you are about various types of insurance, the better placed you are to decide what is best for you, your staff, your clients and the general public. One of the first types of cover you need to make yourself aware of is employer’s liability insurance. This is often one of the first types of policy purchased when a business starts up. But what does it include, and why do you need it? Read on, and Rigby Financial, specialists in insurance brokerage, will explain all of this and more.
The Basics
Employer’s liability insurance is cover that helps to meet the legal costs that you might accrue if one of your employees is injured on site, or whilst doing their job. There are different kinds of insurance that help you to compensate them for their medical expenses and any lost wages, but when it comes to lawsuits, employer’s liability insurance is key. As an employer, you are liable if any of your staff become injured when working on your premises, with your equipment, under your direct or indirect instruction, so this kind of cover is vital if you wish to protect your company financially in case of any incident.
What Are You Covered For if You Purchase Employer Liability Insurance?
Most policies of this kind cover legal defense fees, settlements, damages or judgements and other court costs that are accrued as the case goes on. There are a number of specific claims that can be managed through employer liability insurance, which include:
Dual-Capacity Suits
If one of your company’s products or creations causes an injury to a member of staff, it is possible for them to sue you as both a manufacturer and an employer. This is known as a dual-capacity suit.
Third Party Over Actions
If a different company was held liable for an injury, but that company believes that you should be held to account instead, you may find yourself fighting the case in their place. For example, should a piece of equipment cause an injury, the manufacturer may be sued in the first instant, but if it can be argued that your company did not maintain said equipment properly, you may be liable for contributory negligence.
Consequential Bodily Injury
You could also be sued if a family member or spouse of the affected employee becomes injured or unwell as a result of the employee’s original injury. Whether the matter is a stress-related problem or something bodily – like an injury occurring when trying to assist the incapacitated party around the house – you could be liable.
Loss of Consortium
If the injured employer is no longer able to partake in physical relations as a result of their injury at work, their spouse is within their rights to file a suit against you.
If you are planning on purchasing a certain policy, be sure that you check every type of cover that it includes and excludes to save yourself a nasty surprise later on. Not all policies cover the same range of issues, so don’t hesitate to ask questions throughout the process of obtaining yours.
How Do I Obtain Employer’s Liability Insurance?
The majority of commercial and corporate legal specialists will offer employer’s liability insurance, but remember that no two policies are necessarily the same. If you are interested in obtaining this kind of cover, it’s best to take a look around at the various firms that seem to offer what you need, then enter a discussion with each individually and explain your unique needs in detail. Be careful not to leave anything out, as any and all information you can offer your insurance broker will help them to tailor the perfect cover for you.
If you’re interested in learning more about employer’s liability insurance or delving further into the world of corporate or commercial cover, just get in touch with Rigby Financial today on 01744 886077, email them via enquiries@rigbyfinancial.co.uk or fill in their handy contact form which can be found just here. Their highly experienced team of legal experts will be more than happy to assist you and offer suitable help and advice.
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