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Member, Beacon International Group, Ltd.
Around three-quarters of U.K. employers saw an increase in their employers liability premiums over the last year, a survey shows.
Of those reporting an increase, one-third said their premiums went up between 20% and 50% for the compulsory coverage, according to the survey of 600 companies, which polled members of the London-based British Chambers of Commerce.
In addition, 40% of those reporting higher premiums said they were given no justification for the increase, the survey notes.
And while 40% of the survey respondents said they have implemented a risk assessment strategy to reduce the cost of coverage, nearly half--48%--of these said such changes had been unsuccessful, the BCC said.
"Businesses should implement a risk assessment strategy as part of good practice, but they should also expect insurers to 'reward' such a strategy with a fair and accurate premium," David Frost, BCC director general, said in a statement.
In addition, Mr. Frost called on the U.K. government to place more emphasis on the rehabilitation of injured workers, among other changes.