Does a business really need a stand-alone employment protection insurance?
The answer is YES.
We recognise that most businesses have property and liability insurance packages that may contain an extra element of legal expenses insurance for employment disputes, but are these covers any good? If you put 20 insurance brokers in a room (as we have) and ask them honestly what they think of these legal ‘extras’ and they will say they are just about “better than nothing.”
The headline wordings always look very similar but as always, you get what you pay for. To keep legal covers cheap, usually around £125 a year, the cover is chopped down with get-out clauses, long qualifying periods, high excesses and restricted cover – even excluding pregnancy and maternity issues in one wording we have seen! In context how much of an employment professionals’ time can you expect for £125?
As the likelihood of a costly employment dispute is many times higher than the risk of a serious fire or other loss or damage this is not an area that employers can afford to leave to chance.
Just as they would purchase a policy for other complex liabilities, business owners need a specialist employment protection they can trust if they want to sleep at night. They can buy our policy without prejudice to any other policies that they may have as a more specific policy always takes priority over any generic insurances they may have.
And of course, if you want the most reliable employment protection insurance on the market, you need to talk to us about the policies we offer.
Call us on 01935 389812 – ask for Mark Baker or Brian Dunk
