Understanding Tradesman Insurance and Employer Liability Insurance
Tradesman Insurance is exclusively designed for those who deal directly with customers and often work on their premises or homes. In such instances it is essential for the tradesman to have ample public liability coverage.
There are a wide range of trades that can benefit from Tradesman Insurance. Some of the most common examples of this insurance include Plumbers Insurance, Builders Insurance and Electricians Insurance. These insurance plans help in protecting the tradesman against injury and damage to assets while working on a project. Likewise, it also protects against any kind of damage to third party property or injury to an employee or any other person.
Determining the Coverage
It is important to determine the Tradesman Insurance coverage you require. In fact the amount of coverage can be ascertained by the nature of your business and its size. There are a number of insurance providers that you can choose from the market place. The standard liability cover will differ from one provide to another. Depending upon your requirement most providers may also provide you with an option to enhance your coverage. This insurance also covers public liability. This means if your business activity causes any injury directly to a third party you may be liable for a compensation claim. Having Tradesman Insurance will enable you to meet any compensation claim easily.
What is Employers Liability Insurance?
In the United Kingdom, every company that has more than one employee on its rolls should have Employers Liability Insurance. This is mandated by law and hence it is also known as the Employers Liability Compulsory Insurance. Under this law, every employer should have a cover of at least £ 5.0 million and it must cover all those employees working within the country.
If you are an employer it is your responsibility to ensure the safety and health of all employees working in your organization. You are responsible not only while they are still working in your firm but also when they leave your company. Having Employers Liability Insurance will protect your firm in the event an employee or employees are injured while at work or due to your negligence. This policy will enable you to meet any compensation claims that may arise due to any unfortunate event resulting in the injury of employees at work.
Determining the Coverage
While determining the coverage it is better to consult a provider or broker. This will enable you to assess your firm’s liabilities and risks better. Though the minimum coverage is £ 5.0 million, thus exercise will help you understand whether you require a higher coverage. Finally, Employers Liability Insurance is compulsory and mandated legally. However, as an employer you choose not to take out any cover then you are liable to pay £ 2500 per day as fine till such time you do not take the insurance. In extreme cases, the HSE may shut your firm also.
James Wilson - About Author:
James A Wilson has experience in insurance sector for more than 10 years and wrote many articles on liability insurance, affinity insurance & fleet insurance to help people in finding the best suitable insurance for their needs.
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