Insurance for your company – It’s Law!January 6, 2016 // No Comments
Under the Employers Liability (EL) (Compulsory Insurance) Act 1969 the majority of employers are required to obtain insurance to cover claims for workplace injury or ill health.
The statutory minimum amount of cover is £5 million. However, every month employers are getting caught out for not having EL insurance despite the fact that it is law to be properly insured. You can be fined for up to £2,500 for each day that you do not have a valid policy. Ensure your insurance policy covers your business needs adequately.
This is another reason that SAIF insist on sight of your insurance details, to guide our members and to ensure they don’t get caught out.