Employer’s Liability Insurance
The safety & health of employees is the responsibility and obligation of employers
Employer’s Liability Insurance covers the insured employer’s legal liability for payment of compensation to its employees in respect of death or bodily injury from an accident or occupational disease (which is specified in relevant regulations) caused as a result of and during their employment at work of the Employer in Cyprus or abroad (for permanent residents of Cyprus).
Employer’s Liability Insurance in Cyprus is mandatory, based on the 1997 Law on Compulsory Employers’ Liability Insurance.
The minimum limits of compensation under the law for which insurance coverage is offered are as follows:
⦁ For each employee €160,000
⦁ For each incident or series of incidents €3,415,000
⦁ For any insurance period €5,125,000
Although the above amounts are the minimum required by Law, they are not the maximum that can be required in cases of Employer’s Liability awards by the courts.
Employers can choose an insurance package with higher compensation limits.
Competitive advantages
- ⦁ Prompt and fair settlement of claims
- ⦁ Competitive prices
- ⦁ Higher reimbursement limits can be provided upon request
- ⦁ Highly personalized service from our experienced staff
Frequently Asked Questions (FAQ)
Employer’s Liability Insurance is compulsory and failure to comply with the legislation constitutes a criminal offence. Anyone who employs a person for more than 8 hours a week is required to have such insurance. Negligence to have such insurance can expose your business to huge financial loss and even jeopardize its existence.
No, there is no need for such insurance for yourself. In such a case, it is wise to have Personal Accident Insurance. You still need Employer’s Liability Insurance if you employ even one employee.
Yes, provided you are not the only employee.
The premium calculation is based on your declaration of estimated annual gross earnings and the number of employees classified by job description/duty.
No, you do not need to inform the Insurance Company, however, you must inform us of significant changes in the number of employees, their annual earnings, or a new job category.
You must immediately notify the Insurance Company in writing of any incident which may give rise to a claim, giving full details. In addition, every relevant letter, demand, document, summons and process should be forwarded to the Company.
