E L for Ltd Co

[joospeed]

Anybody nkow what the minimum cover for employers liability is for a limited company.

My limited company is very small, only me as director and an off-site company secretary. the only other employee is my part-time office assistant (my sister).

I'm getting a series of new insurance quotes, NIG insist that I must have Employers Liability .. but no-one employed would make a claim as it's a family business and my current Insurers say I don't need it so i don't have the EL cover .. are NIG just trying to up the premium on a no-risk addition or are they right?

I've not had word back from the FSB on the matter yet so thought I would put it to the PH collective

thanks in advance.

Joo

[bigandclever]

£5million is the minimum.

EMPLOYERS’ LIABILITY (COMPULSORY INSURANCE ACT 1969
www.hse.gov.uk/pubns/hse40.pdf

Edited to add I thought Employers Liability was compulsory, and Public Liability insurance was optional. So I don't understand why your current insurers thinkyou don't need EL...?

>> Edited by bigandclever on Friday 11th February 10:36

[greenie]

Like what he said I'm afraid. Even if it's only you it is still compulsory unlike PL for some reason!

[Davel]

Most people go for £10m these days.

[Andy SIBL]

Because your comapny is 'Ltd' it's a seperate legal entity. This means that in theory your estate could still sue the company if something happened to you.

There was talk of the goverment changing the ruling on this for family businesses, can't see it happening for a while myself as it means they would lose income from Insurance Premium Tax.

[vixpy1]

Insurance_Jon is your man. He handles my company insurance as well as other business's in the sector.

01924 895568.




>> Edited by vixpy1 on Friday 11th February 16:30

[joospeed]

My current insurer is Tradex who are completely useless at anything I ask of them However they were the only company who would insure me when I first started out.

I'll do some more investigating .. thank you for the tips so far