Company Insurance
posted on 18 December 2011 | posted in
Uncategorised
Many businesses will have insurance because it is a legal requirement. They are not prepared to be prosecuted because of not having the right sort of insurance, but they find it rather annoying to have to pay it. However, there are some very good reasons for having insurance.
If someone makes a claim, such as accident at work compensation, then it could potentially be very costly. The amount that it will cost, will depend on the type of accident and the severity of the injury that they have got. However, it could potentially be thousands of pounds and in some cases tens or even hundreds of thousands of pounds. If you had no insurance, then not only would you be prosecuted, but you would also have to find the money to pay out and this could put you out of business.
You have a legal obligation to protect employees and customers and so if it is found that your workplace was not safe and they have an accident, then they are allowed to get compensation from you. It is therefore important, not only to have insurance, to protect yourself against having to pay compensation, but also to make sure that the work place is safe.
If you make a claim on your insurance, then your premiums will go up. It is far better not to have to do this and so you need to keep your employees and customers as safe as possible so that they do not make a claim on your insurance.
It is also nice to look after your employees anyway, they work hard for you and so you need to make sure that they are safe. It produces a nice atmosphere in the office, if they feel that they are being well looked after and they are more likely to want to work hard for you because hey respect you and your business.
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