Compulsory Insurance under Employer’s Liability legislation. The Social Insurance and Labor departments control all the registered companies in the Republic of Cyprus for specific insurance. This applies to any self-employed person or commercial brand that employs staff. Bear in mind that the authorities have access to information for the cancellation of these policies.
What is critical to know is that Initially, a fine of 3,500 euros is imposed if the specific insurance is not in place, and then this violation constitutes a criminal offense on the part of the employer.
Covering occupational accidents or illnesses of employees at workplaces caused in the course of their duties if and as long as the employer bears legal responsibility for the injury or death or even for occupational illness of the persons it directly employs.
The minimum Insured amounts based on Legislation are:
1. €160,000 per employee
2. €3,415,000 per incident
3. € 5,125,000 per insurance period
There is a possibility of increased coverage limits since in most cases, in addition to clerical duties, the amount needed to insure the employer needs assessment. Especially in more dangerous industries, such as construction and catering.
Despite extensive knowledge and experience, the appropriate legislative framework, as well as technological development and process automation, there is a need to achieve a significant reduction in the number of occupational accidents, which cause human suffering, but also huge economic losses. Globally, many workers still die or suffer as a result of occupational accidents (Eurofound, 2018).
The procedure is still to be legally approved by the Parliament because yet has to be improved the system of control and also more than 50% of employers are not properly insured. However, soon the necessary organizational measures will be taken to improve the whole situation.
EMPLOYERS, DO NOT NEGLECT YOUR OBLIGATIONS! GET INFORMED IMMEDIATELY AND TAKE NECESSARY PROTECTION MEASURES, TODAY!
TOMORROW COULD BE TOO LATE!
