Large corporations typically have substantial employment practices insurance coverage in place and are prepared to deal with just about any employment lawsuit. However, small or new businesses are often the most vulnerable to employment claims. That’s because they usually lack a legal department or employee handbook detailing the policies and procedures that guide hiring, disciplining or terminating employees.
The cost of insuring your business for EPLI coverage depends on a variety of factors, such as: The number of people you employ; Prior suits lodged against your company; Percentage of employee turnover; Established rules and practices in place.
Laws are in place to protect the rights of people you hire or are considering hiring. While employment practices liability insurance is a smart investment for many companies, it's important to understand and carefully follow these laws. We can guide you through the complexity of EPLI insurance.