This type of insurance policy covers business owners financially when they are liable to pay for damages to an employee after an accident that occurred during the course of the business day. Damages include injury, illness or death of a person employed and in contract with the business owner. The incident must be reported to the insurance company as close to its time of occurrence as possible in order to minimise the risk of an invalid claim.
Do you need Employers' Liability Insurance?
If you have one or more permanent employees, contractors or temporary employees it is common practice to invest in this type of insurance. An employee can claim against you in any situation in which they have been harmed, and so any type of business whether it includes manual labour, or not, can sign up for Employers' Liability Insurance. If a pipe bursts near an employee, for example, and they sustain injuries and damage to their property, Employers' Liability Insurance will cover the employer financially in order to pay for the repairs and possible doctors’ visits and medication.
How to reduce the risk of claims
A business can take certain steps to reduce the risk of any harm to employees. Placing good health and safety practices into the workplace is the first step to reducing the chance of accidents or exposure to harmful substances through protective gear and procedures. If you’ve already taken these steps, the next step is to ensure you have Employers' Liability Insurance as part of your Business Insurance needs. Shop around for quotes online with Hippo.co.za and you’ll be on your way to making sure you and your business are protected financially in the event of costly accidents.
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