Every business relies on its people and, as an employer, you will know only too well the disruption that being without even one key worker for a few days can cause. Situations like these are particularly augmented in smaller businesses, and can be highly damaging.
Business owners generally realise the importance of taking out insurance cover for their building and contents, vehicles and stock, but often overlook covering what really should be considered their most valued asset: their personnel.
Whilst it is well known that onsite accidents in the lift industry are common, the fact is that accidents can happen at any time and to anyone, whether at work or during leisure time, whether a construction engineer or an administrative clerk.
If you, a fellow director or a key member of staff was injured and signed off work, how would your business be affected? Even if the absence was temporary, it is likely you would have to hire stand-in help and possibly provide training. Is that something you would be able to afford?
In most cases the answer will be no: these days it is difficult for any business to have a contingency in place to deal with such unexpected occurrences. Precisely why covering your personnel with injury insurance is an astute move.
Injury Insurance: Why?
If you are a company with employees, you will have employers’ liability cover: it is a legal requirement. So why do you need injury insurance?
Should an employee be injured during the course of their work as a result of negligence, employers’ liability insurance will cover your business for any claim the employee needs to make for injury compensation and damages.
However, if you as a director were injured, you would not be able to ‘sue your own company’ for damages.
If you are a sole trader, or have no employees, then you probably won’t have employers’ liability cover as it is not a legal requirement, in which case you will have no cover at all in the event of yourself or workers being injured due to negligence.
The key consideration here is negligence. For liability insurance to be effective, the accident needs to have taken place in the workplace, and negligence needs to be proved. But as we said, accidents can happen at any time and may not necessarily involve any negligence. Someone could fall off their bike whilst cycling at the weekend. Slip over whilst ice skating with the kids. Injure themselves whilst undertaking a few DIY tasks at home.
In cases like these, liability insurance would not be any use at all; however injury insurance would.
The consequences of being unable to work
The consequences of being unable to work are far reaching both for employer and employee. Bills still need to be paid, families need to be fed. And the role in the workplace still needs to be fulfilled.
Then there is the issue of treatment: good quality care or counselling will get your key worker on the road to recovery far more quickly. Injury insurance can cover all of these issues.
Lift Plan Injury Insurance
For an affordable annual premium of just £185 per person plus Insurance Premium Tax, you can protect yourself and / or any of your key personnel with Lift Plan Injury Insurance. This cover offers a range of benefits in the event of any accident, whether it happened at work or at home and regardless of whether negligence was involved.
The cover offers weekly benefits for those unable to work and cash lump sums for serious permanent injuries. And it doesn’t stop there: legal advice, counselling services and medical and bereavement advice are all included.
Lift Plan Injury Insurance provides financial benefit for workers in the event of an accident forcing them to halt work, whether temporarily or permanently. Employers can choose whether to pass the benefit on to the injured worker and their family, or keep it towards the company’s own costs associated with losing or replacing a key worker.
Specialist insurance brokers to the lift industry
Robert Gerrard is a specialist insurance broker to the lift and escalator industry, and has been for more than 30 years. Serving over 400 companies in the sector, our Lift Plan insurance cover is specifically designed for lift engineers, consultants, designers and manufacturers. Lift Plan Injury Insurance is a simple and affordable way to extend this cover and protect your business in the event of an accident resulting in personnel being signed off work.
Our Lift Plan Injury Insurance fact sheet provides full details of the cover, the costs and a straightforward enrolment form that you can use to sign up. To request yours, or to find out more, please get in touch.