According to the Insurance Information Institute, the number of lawsuits directed against employers from employees and ex-employees has been rising lately. These lawsuits generate because current or terminated employees claim that the employer, a board member, a manager or even another employee committed a wrongful act during some point in the employment process. What makes this problem even more pervasive is that these claims could come at almost any point, and that includes hiring, firing, performing normal work duties or getting employee benefits.
What Does Employment Practices Liability Insurance Protect Businesses Against?
Commonly, employment practices liability insurance, or EPLI, covers common claims of discrimination, wrongful termination, different types of harassment and retaliation. Other covered types of claims could also include invasion of privacy, mismanaging employee benefits, a negligent or poor job evaluation and getting unfairly passed over for a promotion. Additionally, the policy may protect a business against claims against the owners, directors, management and other employees.
These policies will help cover the cost of mounting an adequate legal defense, and they also cover settlements or judgments if the plaintiff does prevail. The price of EPLI usually depends upon several factors that may be unique to your company. Some of these include the number of employees, a company’s record of having employment practices claims made against it in the past and the type of company.
A company might be able to help lower their risk of getting sued and their premiums by making certain that all owners, company officers, managers and employers understand proper employment standards and workplace behavior. Some companies hire outside consultants to develop educational programs. Some top insurers even have resources to help with this because insurance companies are also eager to reduce the likelihood of a lawsuit.
Contact Us to Discuss EPLI for Your Company
At Atlantic Pacific Insurance in Palm Beach Gardens, FL, our experienced commercial insurance agents are eager to help you protect your company against all sorts of risks. Because we represent many of the top insurers in this state, we have the ability to come up with a customized risk management and insurance solution to provide the right insurance and benefits for your company and employees. Our solutions could range from an affordable business owners policy (BOP) to a customized package of sophisticated insurance solutions.
In order to start getting better value, service and coverage, contact us at your earliest convenience to schedule a free consultation at your office or ours. We hope to help you protect your business and your bottom line.
Categorised in: Uncategorized