Introduction
Employer Insurance or el is a form of insurance that protects employers from various circumstances that may arise in the workplace pertaining to their employees. These include disease, physical injury or/and fatality that could occur at the workplace. The employee is also under the insurance and they are usually entitled to compensation. In this article we will supply a brief history of el insurance and six useful tips that are quite imperative, meaning it would be a sensible idea to become aware of them.
History
El insurance began as an optional insurance decision, but in many regions today such as the UK it is compulsory for employers to have el insurance. In 1969 el insurance become an obligatory feature for employers to acquire in the UK. The minimum el insurance coverage needed is five million pounds but the average is ten million. It is a good idea to find out if the region you are living in requires the employer to have el insurance as sometimes it can be a legal offence not to have it.
Features
In this particular section we will supply you with six important pieces of data that you should know about el insurance.
The cost of el insurance is usually a certain percentage of the company’s payroll; it is quite often a low percentage.
When shopping for el insurance be certain that you buy from a registered insurer. Research their education, background and experience with other employers so that you get legal and stable coverage. Make sure you find an insurer that offers the best terms and prices for your particular policy.
Your insurer is responsible in covering the full compensation needed when an incident occurs. You the employer are already paying for el insurance, so you do not need to contribute any sum towards the compensation for your employees.
When you first get el insurance you will be presented with a certificate that highlights this fact. Be sure to display this somewhere in the workplace where it is clearly visible, so your employees know you have el insurance.
There are a few work organisations that do not need to gain an el insurance policy, these include government agencies, police, health service bodies, some organisations that are funded via public funds, family business where all the employees are closely related and when there is only one person employed at the business.
You only need to have el insurance for employees that are legally contracted to work for you or are apprentices.
Tips and comments
- In some regions it is compulsory for employers to have el insurance. The United Kingdom is one such area.
- El insurance is basically a way of employers being able to compensate their employees if any accident, illness, or fatality may occur at the workplace. It is in the interests of both employer and employee.
- El insurance can also be displayed electronically as long as long as it is readily accessible to employees to examine.
- In the United Kingdom the minimum amount required for el insurance coverage is five million pounds.
- Four factors that can help you determine if you need el insurance is
- Do you pay the person by hour, day or week?
- Do you supply them with their working equipment?
- Do you require the person’s skills and actions for the running of your business?
- Do you deduct tax from their income?
- If you have answered yes to the majority of these questions then you will properly need to acquire el insurance.
- Be sure to read the terms and conditions of your el insurance policy carefully so you are well aware of all its traits and your obligations as employer.
