Are you wondering how you can protect yourself and your company against liability claims from your employees? EPLI is your answer. EPLI, or Employment Practice Liability Insurance, aids businesses when an employee claims that their rights have been violated.
- Racial discrimination
- Sexual harassment
- Discrimination against those with mental or physical disabilities
- Breach of contract
- Negligence of any kind
- Poor management of employee rights and benefits
- Wrongful termination
Lawsuits can include issues such as:
The number of lawsuits dealing with the issues above has been steadily rising. It doesn’t matter what type of business you have or how many employees you have. You need to protect yourself against the possibility of a lawsuit.
- What is covered under my policy? ? One of the first things you should ask your insurance agent is what types of incidents they will cover. Does your insurance company only cover certain types of contract breaches? Do they handle charges of discrimination? These are important questions to ask. If you don’t want to be blindsided in the future, you need to know what your EPLI plan does and does not cover. Also, make sure to ask who will be covered under your policy. It’s a good idea to make sure your company’s management are all covered under your EPLI.
- How much coverage do I have? Each insurance company will ask you to pay a different deductible amount. Find out what that amount is and how much coverage you will be entitled to after you pay it. We recommend that you have a professional evaluate how much EPLI your company needs and reevaluate that amount periodically.
- Do I have access to a Risk Management Program? Many insurance companies that offer EPLI are now also offering a risk management program. These programs are set in place to protect you against employee liability claims. You may have access to policies, manuals, and training that can help create a pleasant work environment and a strong team. Don’t let these offers go to waste.
- How much will it cost? ? Like many other types of insurances, you don’t have to pay a fortune for EPLI. Ask your insurance agent what types of discounts are available. You may be surprised how much your insurance company is willing to help you. Don’t forget to factor in your deductible when tallying how much this insurance will cost you, and remember that no matter how much you will have to spend now, it will save you more in the future.
- Do I have to use your preferred lawyer? This is an important, but often forgotten question. You should ask your insurance company what lawyer they recommend, but they shouldn’t dictate who you can see. Ask your insurance agent if you can use your company’s lawyer instead.
- What is the claims process?We can’t stress the importance of this question. Knowing this information can make the difference between a speedy or a slow claims process. Write down who and when you need to call about an insurance claim, what information your insurance company will need, what the next step is, and how long the entire claims process will take. Keep this information in a safe and easily accessible place.
Here are some questions that you need to ask your insurance company when acquiring EPLI:
The professionals at SOGO understand that it’s easy to become overwhelmed when dealing with business insurance. Our goal is to make sure that all of our clients find the right insurance policies for the right price. Contact us today if you need help choosing an Employee Practices Liability Insurance.