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NimbleFins launches employers’ liability insurance quote comparison

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NimbleFins launches employers’ liability insurance quote comparison

August 05
05:48 2021
The NimbleFins website has launched a feature providing employers’ liability (EL) insurance quote comparison, as well as a comprehensive guide to EL cover for small business owners. They hope this will make the process of learning about and buying EL insurance easier for their readers.

To help small and medium-sized business owners find EL insurance, the NimbleFins employers’ liability insurance guide now includes EL quote comparison, which is powered by QuoteZone. The guide also provides information regarding typical costs that a business should expect to pay for employers’ liability insurance as well as guidance regarding who might need to buy employers’ liability insurance.

“Employers’ liability (EL) insurance can be difficult to understand,” said Erin Yurday, the CEO and co-founder of NimbleFins, “as many business owners aren’t even sure if they need it. But employers’ liability insurance is a legal requirement in most cases to protect workers.”

Via NimbleFins, business owners can fill in an online form to be connected with up to five employers’ liability insurance providers. These providers often sell employers’ liability cover together with public liability (PL) insurance, because most businesses that need EL insurance also need PL insurance.

The team at NimbleFins has put together the following tips for businesses needing EL insurance:

–  The minimum amount of EL insurance stipulated by law, when it’s required, is £5 million
–  Businesses that are required to have EL insurance can be charged £2,500 for each day they’re without EL insurance and charges can be levied retroactively
–  Business owners should speak with an expert (e.g. insurance company or broker) to address any questions, including uncertainty regarding whether or not EL insurance is necessary for the business

Most common mistakes when buying employers’ liability insurance

When asked what businesses need to know when buying EL insurance, Erin says, “Some small businesses are uncertain whether or not they need to buy cover, for instance when employing people temporarily. But it’s critical to get cover to protect employees and the business financially. A business that does not have the required EL for an entire year could be fined £912,500, which is 365 days at £2,500 per day. If in any doubt call any insurance company or broker to clarify or contact the Health and Safety Executive at +44 300 790 6787.

“The cost of EL insurance for office workers starts from around £60 per employee. And discounts can be found as the number of employees rises. But businesses engaged in riskier work, such as construction, will find that employers’ liability insurance rates can reach close to £300 per person or more. Ultimately, the cost of employers’ liability insurance will depend on the riskiness of the work being done, as well as other factors like the previous claims history of the company. Prices can also vary if a package covers both employers’ liability and public liability risks. NimbleFins recommends getting multiple quotes before deciding on an insurer to avoid overpaying. Comparison sites and brokers can be useful for saving time when getting quotes from more than one provider.”

The solution to finding employers’ liability insurance

The team at NimbleFins has created an in-depth, educational guide that explains the ins and outs of buying employers’ liability insurance. They offer this guide and the quote comparison feature for free on their website. Customers who fill out a quote form can be connected with up to five EL insurance providers.

Media Contact
Company Name: NimbleFins
Contact Person: Erin Yurday
Email: Send Email
Country: United Kingdom
Website: https://www.nimblefins.co.uk