As a business owner or manager, you’re responsible for protecting your employees and your organization from potential risks and liabilities. One of those risks is the possibility of an employment practices lawsuit. Luckily, there’s a type of insurance that can help safeguard your business: Employment Practices Liability Insurance (EPLI). Keep reading to learn more.
What is Employment Practices Liability Insurance (EPLI)?
Simply put, EPLI is a type of liability insurance that protects business owners against claims of wrongful employment practices such as:
- Wrongful termination
- Wrongful discipline
- Deprivation of career opportunity
- Negligent evaluation
- Failure to employ or promote
- Mismanagement of employee benefits plan
- Among others
EPLI usually covers the costs of legal fees, settlements, and judgments for lawsuits filed against your business by employees or former employees.
Why is EPLI important?
EPLI matters for a simple reason: employment practices lawsuits by potential hires, current employees, and former employees are becoming increasingly prevalent.
These lawsuits can result in significant financial loss, damage to your reputation, and even the loss of your business. EPLI can provide peace of mind by offering protection against these potential risks.
Who Needs EPLI?
Any business with employees can benefit from EPLI, regardless of its size, scope, or industry.
After all, even small businesses with just a few employees can face these types of lawsuits. Remember: It’s not just large corporations that are at risk!
What Is Covered by EPLI?
EPLI policies typically cover a range of claims related to employment practices, including discrimination, harassment, retaliation, wrongful termination, and more.
Policies may also offer coverage for third-party liability claims from customers, vendors, or other individuals who were not employees.
How Do I Get EPLI?
Some insurance companies offer EPLI as an endorsement to business owners policies (BOPs), while other carriers offer it as a standalone policy.
The cost of EPLI will vary depending on a array of factors, including your industry, the size of your company, and whether your organization has been sued over this type of practices in the past.
In the vast majority of cases, coverage can be customized to fit the specific needs of your business: contact an insurance agent to learn how an EPLI policy can help protect your organization.
Need Help With Employment Practices Liability Insurance? Carter Bradley Insurance Solutions Can Help
At Carter Bradley, our team is solely focused on your unique needs to find the best prices and coverage you require for your business, home, auto and life insurance.
We are located in Corona, California. Contact us today by email at email@example.com, by phone at (951) 547-4240, or through our social media accounts on Facebook, Twitter, and LinkedIn.