Home Page Home Page Our Locations Contact Us Member Login Life & Health Insurance Business Insurance

Home > Blog > Every Business Needs Employment Practice Liability Insurance
WEDNESDAY, JUNE 6, 2018

Every Business Needs Employment Practice Liability Insurance

An Employment Liability Update

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.

 

Posted 6:32 PM

Tags: business insurance, commercial insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014

  • business insurance(36)
  • commercial insurance(30)
  • personal insurance(28)
  • home insurance(23)
  • auto insurance(17)
  • insurance(11)
  • premium savings(8)
  • flood insurance(7)
  • bonds(4)
  • rental cars insurance(4)
  • halloween safety(2)
  • life insurance(2)
  • auto accident(2)
  • auto savings(2)
  • motorcycle insurance(2)
  • renters insurance(1)
  • health(1)
  • flooding(1)
  • safety(1)
  • home safety. halloween safety(1)
  • contractors insurance(1)
  • rv insurance(1)
  • risk(1)
  • home insruance(1)
  • cyber insurance(1)
  • workers compensation(1)
  • boat insurance(1)
  • risk management(1)
  • motorcycle(1)
  • homeowners insurance(1)
  • rv insurance. atv insurance(1)

View Mobile Version
 
   
Mid-States Agencies   887 Bolger Ct.    |   St. Louis, MO 63026   |   Phone:314-919-2057 Powered by Insurance Website Builder
Home Page About Us Our Services Make a Payment Get A Quote Contact Us Our Blog RSS Feed