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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.

 

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