Employer’s Liability Insurance Cyprus
Employers Liability Insurance Cyprus Business owners in Cyprus need employers liability insurance to protect them from lawsuits arising from employee work-related injury or illness claims. Without employers liability insurance, your business would be responsible for legal costs, such as lawsuits, attorney fees, and settlements. It’s important to note that employers liability insurance isn’t the same as group health insurance. While group health insurance helps to pay for employees’ medical expenses, employers liability insurance helps to pay for legal costs.
When you have employees, their health and safety while at work should be of the utmost importance. To ensure that, all employers are required by law to obtain an Employers' Liability insurance so as to be covered in case there is a work-related injury or illness. 1.What is Employers' Liability insurance? Employers’ Liability is a key type of insurance which safeguards businesses and any other type of employers from legal liability and damages if any of their employees sustains bodily harm, illness or fatal injury in the course of their employment.
With this article, Pitsas Insurances aims to provide its readers with the most essential information about the purpose and features of employers' liability insurance in Cyprus. In accordance with the Legislation of the Republic of Cyprus, starting from 01.01.1997, all the employers operating in Cyprus are required to conclude an Employer’s Liability Insurance Contract with an authorized licensed insurance agency. It is the employer's responsibility to check whether the insurance agency with which the Insurance Contract is concluded is authorized.