Employers Liability insurance is a mandatory thing to do if you own a business or company. It doesn’t matter whether you have one employee or 1000 employees, if you do not have insurance for your employees that means, you are breaking the labor laws. If you don’t have insurance and anything happens to the employees at anytime, then you might get in some serious trouble or the employee can himself sue you with thousands or millions of dollars. This insurance is very important for the protection of your business as well as for the protection of all your employees. Having employer liability insurance can help you in many ways.
Legal obligation: This insurance is a legal requirement for every business and company which has employees working for it. If you have one employee in your business that means you are legally obliged to the insurance. If you hire employees and don’t provide them with insurance, then it is completely against the law and the labor court can impose a fine upon you on a daily basis.
Financial Protection: These insurance policies will help you to protect your business from any kind of financial security if any accident or death related to employee happens. These insurance cover all the compensation which can be claimed for the loss that has happened to the employee as well as to his family in case of death. The claim can be made for any injury, accident or death which happens at the workplace. A single claim is more than enough to bankrupt any business, but these insurance companies are here to secure your business from any kind of financial problem.
Employee security: Your employees are also protected from any kind of financial problem as they know if anything happens to them or any injury occurs at the workplace, then they can simply make their claim and will get the financial help that they want.