Employment Practices Liability Insurance
Employers and management teams are responsible for operating a business in accordance with legal regulations. Employment Practices Liability Insurance provides coverage if there is ever the event of an employee-related claim or lawsuit against your business. Some of these allegations may be related to harassment, discrimination, wrongful termination, and other issues that may occur in the workplace. Create a custom policy specific to your business’ needs to protect your business from these types of exposures.
What Does Employment Practices Liability Insurance Cover?
In addition to a Business Owners Insurance Policy, this type of coverage will provide protection to your business if you are sued by an employee or face a lawsuit for any of the following:
- Harassment of any kind
- Discrimination
- Wrongful Termination
- Age Discrimination
- Retaliation
- Failure to Promote
- Wage/Overtime Calculations
- And More
If your business is faced with any of the above allegations, the price of defense costs can be astronomical. Businesses of any size, in any industry face exposure and are at risk. Not to mention with any of these allegations, it can be damaging to a business’s reputation, lower employee morale, and interrupt business operations. Employment Practices Liability Insurance will provide the necessary coverage to assist in these scenarios.
How Much Does Employment Practices Liability Insurance Cost?
There are a variety of factors that contribute to the cost of this type of coverage:
Number of employees for your business. The more people you employ could impact your rate.
The amount of employee turnover you have at your business. The more employees you have leaving the company during a specific time frame could impact your rate.
The more allegations against your business could increase the premium for being a higher risk.
If your company has an official handbook or set rules/regulations that are made clear and enforced with all employees- it may have a positive impact on your rate.
Pro Tip
Depending on the size of your business, you may be able to add Employment Practices Liability Insurance as an endorsement to your Business Owners or General Liability policy. We offer both of those coverages here at Northeastern Insurance.
Talk to an Agent to Learn More
Make sure your business has the proper coverage to protect against any allegations and exposures you may face while in business. Our agents will review your current coverages to identify any gaps and give peace of mind. We make the process easy and simple so you have more time to focus on what matters most to you- your business!