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In today’s litigious society, business owners face an ever-increasing number of lawsuits from current and former employees, which can make the hiring and firing process difficult.
What is employment practices liability insurance? Employment practices liability insurance (also known as EPLI) protects business owners from litigation brought forth by current or prior employees, and generally focuses on concerns such as sexual harassment, wrongful termination, breach of contract, discrimination, among others. It can also protect employers from sexual harassment and discrimination allegations by others as a result of the conduct of their employees.
Why do I need employment practices liability insurance? The reality is that business owners can be litigated against at any time, even by individuals who never actually worked for your company whether they have done anything wrong or not.. The process can be gruellng, and cost you a great deal of time and money, which are aspects that employment practices liability insurance can help address. This coverage provides defense costs that are incurred regardless of whether or not you will be held liable.
What does employment practices liability insurance NOT cover? From basic to robust, employment practices liability insurance coverage can vary greatly depending on the carrier, as well as the level of insurance your business requires. Because this type of insurance is relatively new, there is little standardization across carriers, and some will provide coverage under a standard business owner’s policy, while others may require you to purchase the coverage at an additional cost. Having said this, most EPLI carriers exclude coverage for OSHA (Occupational Safety and Health Act) violations, punitive damages, and state employment law violations, among others.
What should I avoid when purchasing employment practices liability insurance? Please avoid the notion that all EPLI policies are the same. They are not. As with almost all forms of insurance, you’ll want to make sure that your business is adequately covered in the event of an employment practices liability claim. Without this, you and your business could be left with unpaid claims once everything is said and done. Let our professionals help you find the right carrier and the right EPLI coverage, all at the right price.
How can I get an employment practices liability insurance quote?
Call us or use our online forms for a quick and easy employment practices liability insurance quote.