If you have employees, you are at risk for employment liability claims. Legislation such as the Family Medical Leave Act and the Americans With Disabilities Act, plus a growing number of job-related lawsuits and claims, have created the need for business owners to consider a type of insurance known as Employment Practices Liability Insurance, or EPLI. A normal commercial insurance policy may not cover this risk, so it pays to have us complete a review of your insurance coverage.
An Employment Practice Liability Insurance policy offers insurance protection against claims and lawsuits that are brought against a business, its officers or directors, or its employees and managers.
Claims can be broken down into the following categories:
- Harassment
- Wrongful termination
- Breach of employment contract
- Discrimination
- Invasion of privacy
- Compensation issues
- Employee benefits administration
Employers need to protect themselves from possible litigation. An EPLI policy can provide that added protection.
Ten Reasons to Have EPLI Coverage
- General liability policies do not cover this exposure.
- Wage and hour claims have tripled since 1997.
- Over 60% of claims come from former employees.
- Forty percent of claims involve firms with 50 employees or less.
- The average cost to defend an EPLI claim is $150,000.
- Forty seven percent of verdicts are between $100,000 and $500,000.
- The EEOC recorded over 73,600 complaints in 2015.
- Claims can come from vendors and even clients.
- The financial ramifications can cripple your firm.
- Coverage is very affordable and easy to obtain.
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