Employer Liability Insurance-Urgent

[suvalike]

Hi Folks,

I have Tier 1 Entr visa from last two years.I never have any business insurance before.Now I have employed two people into my business so please can you advise me what type of insurance i should buy now.
Please tell me which one is the cheaper option and from where.

Do i just need Employer liability insurance or i should go ahead for public liability and Indemnity insurance too.

I will really appreciate if you advise me.


Thanks

[Princess of Ammi]

Employer liability, public liability and professional Indemnity insurance, all its called Employer's liability.
these all become mandatory to have when you have a business, you provide services and your have employees. particularly in your case you need them all !!!

to make it cost effective you should shop around (simply insurance are no more cheap). you should not hide any facts in relation to your business activities and number of employees you have. what can potentially bring the cost down is the access (like in car insurance), the greater you fix the lower it costs you.

if I take a responsible(not a wild) guess it should be around £400(little more or less) a year.

[suvalike]

Employer liability, public liability and professional Indemnity insurance, all its called Employer's liability.
these all become mandatory to have when you have a business, you provide services and your have employees. particularly in your case you need them all !!!

to make it cost effective you should shop around (simply insurance are no more cheap). you should not hide any facts in relation to your business activities and number of employees you have. what can potentially bring the cost down is the access (like in car insurance), the greater you fix the lower it costs you.

if I take a responsible(not a wild) guess it should be around £400(little more or less) a year.

Thanks for your reply.I have two employees and company providing IT Services.

So what insurance should i search then which will cover the above three insurances.

Please advise

Thanks

[samaygrg]

Go with 'Simply business' which provides you the best deal of whole package of required all business insurances.

[suvalike]

Go with 'Simply business' which provides you the best deal of whole package of required all business insurances.

Thanks for your reply.I was looking for the insurance on simply Business but got confused by the liability Amount.

Please can someone clarify me which cover limits should i use.

Professional indemnity ?

£50,000
£100,000
£250,000
£500,000
etc..

Public liability

£100,000
£200,000
£500,000

Employers' liability

£10,000,000

Office Equipment

Not Required ?

Portable equipment

Not Required ?

Thanks

[Simply Business]

Hi Suvalike,

As some have said, if you have employees in your business then you'll need employers' liability by law.

Public liability will cover you for injuries you cause to members of the public and any damage to their property. Professional indemnity meanwhile, covers for the advice/knowledge/expertise you offer. So if a customer could lose money because of a mistake in your work, or if you offer negligent advice or certification etc, you may want professional indemnity.

They're not required by law (except in a few professions), however, they can sometimes be contractually required.

In terms of the level of cover you select (i.e. £50,000, £100,00 etc) it's entirely up to you. Again, you could have a contract that requires a certain amount, but in most cases it's entirely your decision.

I hope that helps? If you're having any trouble using our website or if you'd like to talk to someone, I can happily arrange a call for you

-Bonny.

[suvalike]

Hi Suvalike,

As some have said, if you have employees in your business then you'll need employers' liability by law.

Public liability will cover you for injuries you cause to members of the public and any damage to their property. Professional indemnity meanwhile, covers for the advice/knowledge/expertise you offer. So if a customer could lose money because of a mistake in your work, or if you offer negligent advice or certification etc, you may want professional indemnity.

They're not required by law (except in a few professions), however, they can sometimes be contractually required.

In terms of the level of cover you select (i.e. £50,000, £100,00 etc) it's entirely up to you. Again, you could have a contract that requires a certain amount, but in most cases it's entirely your decision.

I hope that helps? If you're having any trouble using our website or if you'd like to talk to someone, I can happily arrange a call for you

-Bonny.

Thanks a lot Bonny for your kind information.So what i understand is

I only need employers liability by law because i have employees working for me.

other both types of insurances are optional and the amount of cover is option too whatever i choose.There is not any legal requirement about minimum amount.

Correct me if i am wrong.
Thanks in anticipation !

[Simply Business]

You're more than welcome!

That's correct

It's unusual to have employers' liability without public liability, however, as the EL essentially extends your PL cover (damage to property/public etc) onto your employees. It would also mean that you as an individual wouldn't be covered for any damage or injuries that you cause.

But by law you'll only require EL.

Let me know if there's anything else you're unsure about Suvalike!