If you have employees, you are exposed to potential employment liability claims. Employees know their rights and it is time for all employers to be more informed about how to protect their company. Here are a few reasons to consider employment liability coverage. Here is why you need to make Employment Liability part of your commercial insurance program.
1. Covers the company and board
An EPLI (Employment Practices Liability Insurance) policy covers claims made against directors, officers, employees, the company and its subsidiaries. The policy can cover a long list of claims including wrongful dismissal/termination, sexual/racial/disability harassment, sexual/racial/disability/religious discrimination, employment related libel, slander, defamation and invasion of privacy, wrongful failure to employ or promote and retaliation
2. Increased claims
It’s becoming harder to ignore the (Me) culture which continues to gather pace. Small and medium sized business saw the largest increase in claims in 2013, up 33% according to human resources experts. The average claim cost is over $150,000.
3. Company reputation
A company’s reputation in the marketplace can be severely damaged by employment practice claims. The negative publicity may be followed by potential reluctance of your clients and/or suppliers to trade with the company.
6. Free legal help
Most EPLI policies provide free legal resources for firms to use. You can call an attorney to help you through a tough issue.
7. Cost is very competitive
Premiums are not has high as you might think. Premiums can run much less than the cost of defending just tone occurrence.
Safe Harbor Insurance knows business in our communities – you can find our offices in Friday Harbor, and our clients all around WA. As an independent insurance agency, we take pride in reviewing your options with multiple insurance companies and comparing protection and prices to find the best value for your business.
We’re proud members of the Friday Harbor marketplace, and we’re committed to being an advocate for you and your business in times of need