Employment practices liability insurance (EPLI) is a must-have for all kinds of businesses. Without it, here are some of the gruesome scenarios that could become an insurance-less nightmare reality for you. Picture a courtroom wherein heavy litigation is leveled against you, which was because you’ve been sued, which was because your business didn’t pay for adequate professional insurance, which was because … you either didn’t know about it … or perhaps you didn’t want to spend the money for it. Or, picture an insurance company telling you sorry, that it can’t cover your business because you’re too much of a liability, because you’ve caused too many headaches for other insurers in the past.
So, by now we hope that you feel the need to get good liability insurance for employment practices. Tens of thousands of lawsuits are filed annually wherein plaintiffs make allegations of on-the-job discrimination, including gender or race discrimination. EPLI can help your business eliminate the legal risks you might otherwise face. While you might not feel too familiar with policy options, here are a few tips for finding the best EPLI coverage:- Get high levels of coverage against liability that arises from professional practices. Confusing? Think about this. Does anything physically dangerous ever occur at your workplace? Is sensitive financial or personal information ever handled? Does anyone ever feel offended at your job? Could such things ever happen there? Unless you work at a convent, some of the above questions have a “yes” answer when it comes to your business.
- Go with an insurance carrier that has long years of experience dealing with professional insurance claims. How do you find one? Look around on the Internet (after all, you found us somehow) and get free quotes from as many businesses as you can. Look at the fine print of all potential insurers and settle on one that offers you the best bang for your buck and backs up its promises.