Makal Business Voice

Accidents are bound to happen at work places. As such, employees are at risk from injuries due to slips, trips, falls, accidents from faulty equipments, hazardous materials, repetitive strain injuries, industrial diseases among other types of accidents at their places of work.

It is from these kinds of risks that the government made it a requirement, for every business with employees, to have an Employers Liability Insurance policy. A company that fails to buy this insurance policy runs the risk of being fined, for each day it runs uninsured. However, companies run by close family members, unless trading as unlimited companies, and unincorporated companies are not obliged to have the policy.

This insurance policy is of great importance to both the employer and the employee. This policy guarantees the employer financial security for his/her business, in the event an employee is involved in an accident, for which the business is liable. The insurance covers any compensation costs that may be claimed by an employee. Therefore, an insured employer is covered against any medical and legal costs, as well as miscellaneous expenses that may arise from accidents within his/her business premises. Some industrial diseases take long to be manifested but upon discovery the policy comes in handy.

This insurance policy also provides security for employees. Hence, employees are able to work without any fear of being injured in an accident. They also have a surety that the best measures to avoid accidents have been undertaken. This increases the productivity of employees.

The insurance cover provides the employee and the employer with peace of mind. Should anything happen, the relevant costs will be met and compensation catered for. This policy makes the employees feel cared for and fulfills the obligation of the employer to care for his or her employees.

Overall, this policy is not only a legal requirement, but it provides small businesses with the vital protection they require.