Once you interview a potential employee, you run the risk of facing an employment claim. This could come from various angles. For instance, the interviewee may allege discrimination as the reason you did not hire them. Alternatively, you could hire them then face a wrongful termination claim if you later fire them. There is a host of other claims that employees can make in addition to these ranging from harassment, emotional distress, retaliation claims, and breach of contract.
It is, therefore, a smart idea for any employer or company to get employment practices liability insurance (EPLI). This way, you can have coverage against these claims that will cover the cost of litigation as well as provide indemnification for you as the employer should verdict favor the employees or if the case is settled. However, criminal fines, civil penalties, and punitive damages are not covered in the EPLI policy.
The cost of coverage for employment practices liability is determined by several factors including:
At Berliner-Gelfand, we take all these factors into consideration to develop the best EPLI policy for your company at the best possible premiums.
There are two types of employment practices liability insurance policies available which include Occurrence Policy and Claims Made Policy:
Even with excellent coverage, no one wants to be constantly tied up in courtrooms or settlement hearings with one employee after another. There are ways in which you can lower your employment practices liability risk and possibly your insurance premiums in the process.
If you are an employer, you need this EPLI coverage for your protection. Contact our experienced insurance agency for more information on employment practices liability insurance.