Meeting Your Legal Responsibilities
Insurance and BC need to go together hand in hand, complementing each other’s strengths and weaknesses. The main aims of your BC plan are to protect vulnerabilities, do what it can to stop something going wrong and encourage your business to cope with emerging threats. Insurance exists to cover you when the unavoidable does happen and you need reimbursement following an incident.
Try to find a balance between what you can protect with BC and/or what insurance needs to cover.
In this section, we take you on a quick trip around the insurance that the law requires you to take out as an employer and business owner/manager.
Covering staff risks: Employers’ liability insurance
Having employer’s liability insurance is a legal requirement and protects you as an employer against the costs and compensation if an employee has an accident at work or is injured as a result of working for you. The law requires you to have this insurance, with a minimum limit of £5,000,000.
You have to arrange cover for all staff including those on temporary contracts, volunteers or any previous employees that you bring back to help out during busy periods.
Having regular engineering inspections
You’re required by law to have regular inspections carried out if you have items such as forklift trucks, pressure plants (such as boilers) and ventilation systems. The insurer doesn’t ...
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