Today, we’re diving into a topic that’s essential for safeguarding your company: Employment Practices Liability Insurance, or EPLI for short. Whether you’re running a small family business or maintaining a larger company, understanding EPLI insurance could be the key to protecting your business from potential legal troubles related to employment practices.
Let’s start with the basics.
In simple terms, EPLI insurance is like a safety net for your business when it comes to employment-related claims. These claims could range from allegations of discrimination and harassment to wrongful termination and beyond. Essentially, EPLI steps in to cover the costs associated with defending your business against such claims, including legal fees and potential settlements.
Why You Need EPLI Insurance:
Legal Protection: Facing a lawsuit from an employee can be financially draining for any business. EPLI insurance offers a layer of protection by covering the expenses involved in defending against employment-related claims. Did you know if an EPLI case isn’t dismissed, you could be looking at thousands and thousands of dollars? For businesses of all sizes, the average jury award is about $250,000; if a case settles, the judgment averages $75,000. And the cost of defense averages about $120,000 per claim. If a business loses its case, it must also pay for the claimant’s legal fees – averaging $200,000.
Peace of Mind: Running a business is challenging enough without worrying about potential legal battles. With EPLI coverage in place, you can have peace of mind knowing that you have a plan in place to address employment disputes if they arise.
Protecting Your Reputation: A lawsuit can not only hurt your finances but also damage your company’s reputation. EPLI insurance helps you manage employment disputes discreetly, minimizing the negative impact on your brand image.
How Do I Buy EPLI?
Getting EPLI coverage is a straightforward process. You work with an insurance agent to customize a policy that fits your business needs. Then, if a claim is made against your company, you notify your insurer, and they handle the rest, including legal proceedings and settlement negotiations.
Employment-related claims are a reality for businesses of all sizes. However, with EPLI insurance, you can take proactive steps to protect your business from the financial and reputational risks associated with such claims. So, if you haven’t already considered EPLI coverage for your company, now might be the perfect time to explore your options and ensure that your business is well-prepared for whatever challenges come its way.
If you’re ready to learn more about EPLI insurance and how it can benefit your business, don’t hesitate to reach out to us! We are here to answer your questions and help you find the right coverage for your unique needs. Let’s work together to keep your business protected and thriving!
At Castle Insurance, we’re all about helping you navigate the complexities of business risks with confidence. If you’re running a business, you know that having the right insurance coverage is crucial. Let’s dive into the basics – General Liability Insurance – your ultimate safety net!
What’s Covered:
Bodily Injury Liability: Picture this: You’re hosting a bustling event, and someone takes a spill. No sweat! General Liability Insurance steps in to cover those medical bills and legal fees if someone gets injured on your premises. Another great example is a slip and fall on your business premises.
Property Damage Liability: Workers from a snow removal company make a mistake with a snowplow, damaging a parked vehicle. Or perhaps your delivery personnel, installers, or handymen working within a client’s home accidentally knock over and break an antique item. Oops! Your insurance has your back, handling the costs to fix or replace whatever got damaged.
Advertising Injury: Ever worry about rubbing someone the wrong way with your marketing? Fear not! General Liability Insurance covers sticky situations like defamation claims or copyright issues – it’s all included for most types of businesses!
What’s Not Covered:
Professional Liability: We all make mistakes, but when it comes to professional errors, General Liability Insurance won’t cover you. If your services lead to a mishap, consider Professional Liability Insurance for that extra layer of protection. If your industry requires a license or certification, you need this type of coverage.
Employee Injuries: Your team is your backbone, but if they get injured on the job, General Liability Insurance won’t foot the bill. That’s where Workers’ Comp Insurance comes in handy, ensuring your employees are taken care of.
Intentional Acts: Keep it cool, stay ethical, and avoid intentional harm. If things go south and you’re found to have caused harm deliberately, your insurance might not come to the rescue. Just be a good person and good business owner.
With General Liability Insurance on your side, you can tackle business challenges with peace of mind. and focus on what you do best.
What an unprecedented time we are living in right now! I haven’t seen anything like this in my lifetime. I think my kids will be able to say, ” I remember when Covid 19 totally shut down the world and life as we knew it.”
Lots of businesses are scrambling to stay afloat due to the loss of income from clients, customers, and prospective customers.
Does your business insurance have coverage for interruption due to a virus?
The short answer is probably not.
However, I would recommend you contact your insurance agent and discuss filing a claim. They are there to talk you through the situation and assist you. At the end of the day, it is your decision to file a claim or not. It is up to the carrier to approve or deny the claim, based on the policy you have purchased.
