In these days of business lawsuits being hurled back and forth, companies - no matter how big or small, corporate or mom 'n pop - must take extra care to protect themselves from claims. Three out of five businesses will be sued by an employee, an no one is exempt. It doesn't matter how new or old the company is.
More and more businesses are seeing how vulnerable they are. If they rub an employee the wrong way, it can mean financial disaster. From the pre-hiring process through the exit interview, it just takes one unpleasant situation to cause an employee to lash out. It can even be an employee who's only at the company a matter of days, and it has even happened when the would-be employee is never hired. Never underestimate how personally an employee can take a situation.
Enter EPLI. It's Employment Practices Liability - a liability insurance that protects businesses against employee claims. They can be applicants, present employees, and former employees. It covers lawsuits claiming discrimination (age, sex, race, disability, etc.), wrongful termination, sexual harassment, breach of employment contract, negligent evaluation, failure to employ or promote, wrongful discipline, deprivation of career opportunity, wrongful infliction of emotional distress, and mismanagement of employee benefit plans. EPLI also covers defense costs, judgments, and settlements.
The cost of the coverage will depend on things like what your company does, how many employees you have, and if your company has ever been sued before.
Employees filing claims is never unvavoidable. EPLI can protect your business and save you thousands. In some cases, it can even save the company itself. For more information on employment practices liability, contact us today. We're Dennis Insurance, based in Lutz, Florida.