|Legislation and the increasing numbers of employment-related claims have created the need for business owners to consider a type of insurance known as employment practices liability insurance, or EPLI. The potential exposure for a money damages award threatens your company’s financial resources. In addition, most comprehensive general liability policies specifically exclude employment-related claims.
An EPLI policy offers insurance protection against claims and lawsuits that are brought against a business, its officers or directors, or its employees and managers. These policies generally cover charges in the following areas:
- Libel or slander
- Gender, age and other types of discrimination
- Sexual harassment
- Breach of contract for employment
- Wrongful termination or discipline
- Negligent compensation, promotion or hiring decisions
- Emotional distress or mental anguish
- Employee benefits mismanagement
The cost of EPLI coverage will vary based on the type, size and risk profile of your business. The insurance company may also want to see your written personnel policies to help them determine the risk and cost of your EPLI policy.
Drawing on our many years of experience in handling claims for our clients, we obtain the best options available from top-rated carrier partners who specialize in, and have designed, a comprehensive program to assist your business in reducing its exposure to claims by employees.