MANCHESTER, UNITED KINGDOM--(Marketwire - June 25, 2012) - Swinton Commercial, one of the UK's leading business insurance brokers, is advising employers with one or more employees to be aware of compulsory changes to the information they need to provide to their Employers' Liability insurer - to guarantee they are offered terms when their policy comes up for renewal.
New rules introduced by the Financial Services Authority (FSA), require insurers and brokers to collect extra information from their clients, meaning that all policy holders with employer's liability insurance must provide their Employer Reference Number (ERN), also known as Employer PAYE Reference, to their employers' liability Insurer.
Employers that fail to supply their ERN number to their insurer in line with the new FSA rules could find themselves at risk of being refused cover when the time comes to renew their policy.
The ERN is allocated to each employer by HMRC and is shown on a number of PAYE forms and documents. The information will help employees to trace their former employer's insurer if they need to make a claim for an illness or injury at work.
The Insurance Industry has set up the Employers' Liability Tracing Office (ELTO) as an independent body to manage a central database of Employers' Liability policies that can be searched against, to enable claimants to pursue a claim.
ERNs for any subsidiary company also need to be supplied, although in some cases the ERN may be the same as the parent company.
So that ERNs are collected effectively, Swinton Commercial is also advising all Employers' Liability policyholders to contact their broker or insurer with their relevant details as soon as possible.
Michelle Southward, Project Manager at Swinton Commercial, said: "All UK businesses with one or more employees are legally obliged to have Employers' Liability Insurance to cover claims made by employees who have suffered a work-based injury or illness.
"ELTO has been set up by the Insurance Industry to manage employers' details so that in the event of a claim, an employee can locate their former employer's insurer with minimum hassle. If you have an Employers' Liability insurance policy and haven't already done so, you need to contact either your insurer or broker with your Employer Reference Number, (ERN) as soon as possible.
"Failure to supply your ERN, also known as 'Employer PAYE reference' could result in some insurers not providing business insurance cover upon renewal."
If you have an Employers' Liability Insurance policy through Swinton Commercial, please contact an advisor on 0800 954 3802 with your ERN at your earliest convenience.
Notes to Editors:
About Swinton Commercial:
As one of the UK's leading commercial insurance brokers, Swinton Commercial has the expertise and industry knowledge to provide you with highly competitive business insurance that's tailored to your needs.
With 34 branches across the UK, including 19 regional centres, Swinton Commercial has quickly established itself as the UK's local broker, offering a dedicated team of advisors with specialist industry knowledge in many sectors.
Your local Commercial Account Executive has an in-depth understanding of the insurance market in your area and will arrange a face-to-face appointment with you, taking the time to thoroughly understand your business and its specific requirements.
We cater for most types of business - from small start-ups to well-established organisations, comparing quotes from leading UK insurers to find you the right level of insurance, at the right price.
What's more, our award-winning offering has over 80,000 business customers - and we're growing fast.
Visit www.swintoncommercial.co.uk for more information or call 0800 954 3802.