However, it’s not just a good protection against the worst happening; it’s also a legal necessity in the UK if you have one or more employees in your business who are not family.
It may be that your wider business insurance also covers employer’s liability, but before you assume that, you should check; failure to have employer’s liability insurance is punishable by a fine of up to two and a half thousand pounds per day you don’t have it.
This is also why, as an employer, you should always keep an eye on active insurance policies and make sure you’re in the habit of getting new ones in place before the originals come to an end!
As with every other kind of insurance, you should always take care to understand the policy you’re paying for and make sure it suits you best. Review a range of quotes and choose the one that makes most sense for your situation.
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