Compare Different Business Insurance Policies
Although it is not likely to be the first thing that you think of if you are an entrepreneur who is setting up his first company, the reality is that, at some stage or another you will need to apply your mind to the issue of insurance and to decide which, if any insurance policies you need to take out to cover your operation.
That is one of the reasons that the internet insurance
price comparison sites are so helpful.
Some kinds of insurance are mandatory and failure to take out an adequate policy will result not only in the possibility of considerable financial outlay in the event that a claim is successfully made, it may also have the consequence of expensive criminal proceedings and penalties for breaking the law.
There are, in fact, three principal types of insurance cover that need to be considered by business proprietors. These are public liability insurance, product insurance and employer’s liability insurance.
We being by looking at he topic of employers liability insurance.
There is a strict legal onus on an employer to take out a policy of insurance to cover his liability to his employers. There are many reasons why an employee may be in a position to seek compensation from his employer as a result of personal injury, pain and suffering and consequential losses arising out of an accident at his place of work or during the course of his or her employment. These claims can be extremely expensive, both in terms of any legal proceedings but especially in the sense of the potential damages award to the member of staff. The claim can arise by reason of faulty equipments, failing to warn the employee about risks that the employer knows or ought to know about and failing to prescribe a safe system of work.
The range of possibilities is too wide to specify, and includes breaching certain pieces of specific legislation, such as the Factories Act or the Offices, Shops and Railways Act, and also failing to meet the duty of care that is implied upon an employer at common law.
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Some kinds of insurance are mandatory and failure to take out an adequate policy will result not only in the possibility of considerable financial outlay in the event that a claim is successfully made, it may also have the consequence of expensive criminal proceedings and penalties for breaking the law.
There are, in fact, three principal types of insurance cover that need to be considered by business proprietors. These are public liability insurance, product insurance and employer’s liability insurance.
We being by looking at he topic of employers liability insurance.
There is a strict legal onus on an employer to take out a policy of insurance to cover his liability to his employers. There are many reasons why an employee may be in a position to seek compensation from his employer as a result of personal injury, pain and suffering and consequential losses arising out of an accident at his place of work or during the course of his or her employment. These claims can be extremely expensive, both in terms of any legal proceedings but especially in the sense of the potential damages award to the member of staff. The claim can arise by reason of faulty equipments, failing to warn the employee about risks that the employer knows or ought to know about and failing to prescribe a safe system of work.
The range of possibilities is too wide to specify, and includes breaching certain pieces of specific legislation, such as the Factories Act or the Offices, Shops and Railways Act, and also failing to meet the duty of care that is implied upon an employer at common law.
Next>>