Employer's Liability Insurance
The potential impact of employees sustaining injuries or occupational diseases at work can be devastating for both them and for the business as a whole. The Labour Law in Vietnam states that any company is directly responsible for minimum disability compensation levels and medical costs of any injury or harm sustained in the work place as a result of their employment.
This means that employees may have the right to sue their company for a higher level of compensation due a range of factors, from unforeseen health care and disability costs to longer than expected loss of wages and support payments to dependents in the event of any accident or disease resulting from their employment.
The potential costs to a business of such law suits, mean that any company operating in Vietnam is placing their business under a huge amount of risk if they do not have the correct employee liability coverage above and beyond basic workman's compensation insurances.
There are emerging examples of firms in the country which have been led to financial ruin as a result of one or more employee claims against them. Even those with the resources to pay such bills report a severely adverse impact to their business as a result of lengthy court cases which not only take a financial toll but can also damage a company's image .
Given the potential risks, it is of vital importance to all contract employers in Vietnam, to adequately protect their business by purchasing comprehensive employers liability insurance coverage. Not only can such a product fully allay the potential damage of a claim, it also provides important protection for employees and shows that your business is a considerate and quality employer. To find out more about how employment liability coverage could benefit your business, simply contact one of our team of insurance specialists.
Have a query or question? Please call us on +84 (28) 3514 7965 or email us at firstname.lastname@example.org for further advice!
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LIABILITY INSURANCE SOLUTIONS