What is it?
Employee Practices Liability Insurance is probably something you don't hear much about. I bet you do hear about employees suing their employers though, and that's what this insurance policy protects you from.
The benefits of this program allow your insurance company to pay you back the money you spend dealing with the lawsuit or claim against your business and yourself. The great thing about this is you are covered regardless of if you win or lose.
However, EPLI policies usually do not cover criminal fines, penalties or damages, and also will not cover claims made that are covered by other insurance policies. The best route to take is to talk with your insurer to find out how you can be completely covered, where other insurance policies will take over in the event something happens that your EPLI will not cover.
So what does it cover?
Glad you asked(I know, it's like I'm psychic or something) EPL insurance protects you from pretty much all the nasties an employee can wish upon you and your business, including:
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| If you have an employee like this, you NEED EPL Ins. Source |
- Wrongful termination
- Discrimination, which includes, but is not limited to(deep breath):Race, color, creed, national origin, gender, pregnancy, sexual orientation, marital status, religion, age, and disabilities.
- Sexual Harassment, which includes claims against both supervisors and employees.
- Other claims relating to employment can be covered as well, but you might have to pay more for these:Defamation of character, mental anguish, assault, privacy invasion, negligent supervision, emotional distress, and others that employees will usually claim in their lawsuit
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| Discrimination can hurt more than your employees' relationships! Source |
Costs
Not all policies are created equal, and the size of your company and the type of business you run can affect the costs of your EPLI coverage. Some other factors include the business location, how long the business has been running, and if there were any other claims or lawsuits filed before the insurance was purchased.
Prevention
The number one thing that EPL insurance agents say that will help prevent employee lawsuits is to keep up to date with all federal and state laws in its employee manual. A record of the complaints from employees and how they were resolved or acted upon is also a necessity.
Does your company need it?
Any company that could be held liable for any of these violations should consider EPL insurance. The insurance agent can customize your policy to suit your company's needs. The premiums are far more affordable than carrying the costs of a lawsuit, or multiple lawsuits simultaneously, while trying to cover business expenses as well. Please make sure you have EPL Insurance, and if you don't call (479)-968-2633 today! Tberry's Insurance is a full-line Arkansas Insurance Provider. We cover home, auto and business insurances. Visit our site to see all the insurancewe provide.
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