So how exactly does having employers liability insurance benefit you directly? When an employee decides to file a claim because due to being injured on the job site or just performing work on behalf of the business, the majority of the legal and medical costs will be covered by the insurance company.
That is why this insurance is required by most countries around the world. Accidents and injuries will happen to your employees while they're working. No matter how well you prepare, there is no getting around that. Depending on who is at fault for the accident, the entire cost of the claim will be covered or you may not have to pay for anything if the injury occurred due to negligence on the employees part.
Furthermore, you will be punished and fined if you fail to secure employers liability insurance for your business. For every day that you do not have it, you will have to pay a hefty fine and your business may be shut down by your local safety agency.
External Resources:
Why You Need Employers Insurance Coverage
Business Dictionary Overview of Employers Insurance
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