Sheffield broker urges small businesses to review their insurance arrangements to protect against compensation claims
25th November 2014
Local broker IFM Insurance brokers based on Tapton House Road is urging small business owners to ensure they have proper insurance in place to combat claims made against their business.
This follows research by AXA insurance which found that 53 percent of the UK's small businesses who employ staff do not have employers' liability cover or are unaware of the cover, therefore running the risk of prosecution or having to shoulder workplace injury claims on their own. The AXA research also looked at how many employers could potentially face a claim. When the insurer asked 2,000 members of the public whether they felt their work had impacted their health, most said it had. When asked about symptoms: 62 per cent of UK workers say they have suffered eye strain after using a computer at work most (53 per cent) describe the symptoms as 'severe', while almost a third (28 per cent) say they've had pain or ringing in the ears in a noisy workplace; 36 per cent have been hurt by heavy lifting at work, while 62 per cent have suffered muscular aches and pains after long hours at a desk; 53 per cent of workers say they have had sleepless nights due to work stress (17 per cent said the disruption was severe); 16 per cent have been assaulted at work, five per cent saying the incident was serious. The research also found that the average workplace injury pay-out on behalf of a small business by AXA in 2013 was £14,300; while the average public liability settlement was around the £13,500 mark. However, last year, AXA also settled a number of claims that ran into several millions of pounds each on behalf of its small business customers. John Leigh, a Director at IFM said, -It's vital for local small businesses to ensure they have proper employers' liability cover in place. If not, firms could face legal consequences and be faced with substantial workplace injury claims that can have a major impact on the balance sheet.