Should Your Business Acquire EPLI?
Employers Practices Liability Insurance, EPLI, is an insurance coverage commonly overlooked by businesses. EPLI provides a limit of insurance, separate from the standard commercial policy, that protects your business operations against any actual or alleged wrongful acts. This can include staffing issues, hiring and firing, allegations of discrimination, and sexual harassment. These issues can happen to any business, large or small, which is why your small business should still consider coverage.
It’s important to point out that over half of employment practices liability claims are filed against small businesses. If this is not motivation enough to check out this coverage, here are three of the top reasons to consider this valuable coverage:
- You have at least one employee
- You have interviewed at least one person for employment
- Number one and number two can sue you.
Although no employer wants to believe that the worst can happen to their business, accidents, and accusations happen. Having just one employee instantly creates a risk for employment practices claims. In fact, because small businesses typically operate a tight-knit staffing team, it is more likely that a claim will arise from a misunderstanding or argument. Even if your business is innocent, it can take a great deal of time and finances to recover from an EPLI claim.
Invest in quality commercial insurance so that you’re well protected but without having to break the bank. The team at Premier Risk, LLC serves Long Island and neighboring cities in New York – Contact us to get started today.