Employers Liability Insurance
In the U.K., businesses are required to hold at least £5 million worth of cover to meet the cost of legal fees or damages for employees who are injured or made sick through work. The Health and Safety Executive can fine businesses up to £2,500 per day if they are discovered to be lacking the appropriate levels of cover. Other countries have differing insurance requirements for employers. In India, workers' compensation insurance is the key component of employers liability insurance. In addition, the Employees' State Insurance Act requires employers and employees to contribute to the ESI Fund, which is set up to protect employees in case of sickness or disability. Employers hiring workers must take out a workers' compensation insurance policy for medical care and compensation for injured workers.
