- Original Poster
- #1
Reference: DWP Press Release
The good news for small companies who employ only the owner is that as from 28th February they will no longer have to purchase employers' liability compulsory insurance (ELCI).
Minister for Work Jane Kennedy said: "Hundreds of thousands of limited companies, where the owner is the sole employee, will benefit from the new rules. Removing the requirement to purchase ELCI could save companies hundreds of pounds each year."
It is estimated there are around 300,000 small companies that will be able to take advantage of the rule change, which was made following a wide-ranging consultation on whether to remove the requirement.
The Association of British Insurers has estimated an average annual saving for each company of around £250.
The good news for small companies who employ only the owner is that as from 28th February they will no longer have to purchase employers' liability compulsory insurance (ELCI).
Minister for Work Jane Kennedy said: "Hundreds of thousands of limited companies, where the owner is the sole employee, will benefit from the new rules. Removing the requirement to purchase ELCI could save companies hundreds of pounds each year."
It is estimated there are around 300,000 small companies that will be able to take advantage of the rule change, which was made following a wide-ranging consultation on whether to remove the requirement.
The Association of British Insurers has estimated an average annual saving for each company of around £250.
