Lawsuits have now become a common process that many businesses face. According to AXIS, there has been a significant increase in litigation placed against companies especially claims regarding employment practices insurance or EPLI insurance. In order to understand why this insurance policy is so important for a business, it crucial to understand what it is.
What is Employment Practices?
To put it simply, employment practices involve the activities that occur during an employee’s hiring process or their working environment. Employment practices liability handles the kind of problems that happen in these situations by providing the financial assistance businesses need. See, a lawsuit that stems from any alleged incident involves court fees, attorney fees and possible settlements. That is why epli insurance is a vital investment for any business, large or small.
Types of Incidents
The kinds of situations that involve employment practices liability include:
- Sexual Harassment
- Failure to Employ
- Misinformation or Mismanagement of Benefits
- Wrongful Termination
How Much Does it Cost?
While this policy is a worthy investment, it worth knowing the kinds of rates a business can expect in order to budget accordingly. The cost of this kind of liability policy depends greatly on the number of employees and the kind of industry involved. If you are interested in acquiring a specific rate, it is recommended to contact a qualified insurer for even more information.