Cut Down on Health Premiums by Taking Care of Yourself
When you start a business you need to consider the insurance you will need to protect your assets. A business owner’s package policy is comprehensive and can include your business property, business personal property, and general liability.
When you become an employer, you need to review what additional policies might be needed because most package business insurance policies exclude workers compensation, employer liability, and employment practices.
Every employer, large or small, faces the reality it will be the target of legal action from past, present, and prospective employees. Not only are the numbers of employment-related claims increasing, so is the potential financial risk to your business. Defending a wrongful termination or discrimination claim—whether you’re innocent or guilty, or even if the claim is groundless or fraudulent—can be expensive.
Developed with the smaller business employer in mind, Employment Practices Liability Insurance (EPLI) provides broad coverage and defense for:
When you become an employer, you need to review what additional policies might be needed because most package business insurance policies exclude workers compensation, employer liability, and employment practices.
Every employer, large or small, faces the reality it will be the target of legal action from past, present, and prospective employees. Not only are the numbers of employment-related claims increasing, so is the potential financial risk to your business. Defending a wrongful termination or discrimination claim—whether you’re innocent or guilty, or even if the claim is groundless or fraudulent—can be expensive.
Developed with the smaller business employer in mind, Employment Practices Liability Insurance (EPLI) provides broad coverage and defense for:
- Discrimination
- Wrongful termination
- Sexual harassment and associated exposures
- Punitive damage awards (covered where and if punishable by law)
Consider the following facts:
- From October 1, 1993, through September 30, 1994, the Equal Employment Opportunity Commission and related state and local agencies received 156 discrimination complaints. As of May 1, 1995, the EEOC had a backlog of more than 100,000 complaints.
- Through legislation like the Americans With Disabilities Act and the Family Medical Leave Act, there are increasing grounds for employers to be sued.
Many insurance companies provide an EPLI offering a wide variety of coverage, and the costs vary greatly. Loss control services are sometimes offered free of charge. These services include valuable material on laws that govern personnel practices for business in your state and suggested procedures to minimize your exposure. Make sure you take a close look to make sure the coverage you need is included before you buy. TPW