Employer liability cover important for SMEs

Fri, 04 Apr 2008

An industry expert has said that it’s essential for small and medium-sized businesses to have employer liability cover .

The Institute of Risk Management (IRM) has suggested that firms without this cover, including entrepreneurs who hire contractors, could be liable in the event of an accident without knowing it.

The comments from the IRM came after research from Hiscox revealed that almost two thirds of SME owners are not covered by this type of insurance .

Carolyn Williams, development manager at the Institute of Risk Management, indicated that preventative measures are better than a cure and that firms should ensure that correct practices are in place to keep the threat of accidents occurring minimal.

She commented: "It is essential and I think it would be very dangerous for businesses to run without it. I think it needs to be looked at in the overall context of health and safety in the workplace . The liability aspect of it is more costly, but there is also the pain and suffering."

Ms Williams added that public liability insurance is very important too.
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