Employment Practices Liability Insurance: Why you need it now.
According to an article published by MyNewMarkets.com, the number of wage and hour lawsuits has not seen a slow in growth during the last seven years and are up over 400% since 14 years ago. Also General Re Corporation, a reinsurance carrier, reports that most businesses are more likely to be litigated against by an employee than they are to have a loss due to a fire. They also report that 60% of those without Employment Practices Liability Insurance mistakenly assume it is covered by other policies.
With this rapid explosion in employee vs employer litigation, your business is now more likely to be sued by an employee. You might explain this off by stating that you conduct your business in complete ethical manner and treat all employees with respect, however you need not commit any misconduct to be involved in a lawsuit, all it takes is an allegation, and you soon find yourself in need of legal counsel and clearing time out of you already busy schedule to deal with the problem.
Employment Practices Liability Insurance, or EPLI as it often called, can help. Within the policy limits EPLI can help finance a legal defense, as well as pay for judgments or settlements. EPLI can assist with allegations of discrimination based on age or gender, sexual harassment, wrongful termination, libel, slander, and others.
It is essential for any business with employees to consider the need for Employment Practices Liability Insurance.
Please call us at 877-506-5061 to review your coverage to ensure you have protection from employment practices suits.
You may find the original articles below:
MyNewMarkets.com: 10 Things to Know About Employment Practices Liability Insurance »
Gen Re:4 Statistics That Highlight the Need for EPLI »