As a business owner, you are always facing some level of risk, whether it's regarding your services and products, your property, or customers. However, one of the biggest risks you face are employee-related issues, such as wrongful termination, discrimination, or harassment claims.
Employment Practices Liability Insurance (EPLI) is a commercial insurance policy that can help. We'll take a closer look at what EPLI is, the importance of this coverage, and how it can protect your business.
What is EPLI?
Employment Practices Liability Insurance (EPLI) is a type of business insurance that provides coverage for employee-related liability claims, such as wrongful termination, harassment, discrimination, and more. EPLI mitigates business risks by providing the financial resources needed to pay for attorney fees and court costs, as well as any settlements, damages, or judgments issued against your business.
It offers financial protection from claims made by potential, current, or former employees, and should be a part of any business insurance portfolio.
Why is EPLI Important?
It's essential to safeguard your business from all kinds of risks and liability claims, including employee-related claims. These claims can be expensive, time-consuming, and incredibly damaging to your business's reputation, regardless of whether your company is at fault or not.
A single liability claim for wrongful termination or discrimination can tie up your time, resources, and money for months or even years, but EPLI coverage can minimize the financial impact to your company.
How Does EPLI Protect Your Business?
EPLI provides coverage for a wide range of claims made by employees or former employees, including claims of harassment, wrongful termination, discrimination, and retaliation. It can also cover claims related to violations of federal or state employment laws, such as the Family and Medical Leave Act (FMLA) or the Americans with Disabilities Act (ADA).
In addition to providing coverage for legal defense costs, settlements, and judgments, EPLI can also provide resources and support for preventing and addressing employee-related issues. This may include access to training materials, hotlines for reporting complaints, and legal advice.
Aegis Offers EPLI Coverage
Employment Practices Liability Insurance (EPLI) is an important type of commercial insurance for any kind of business, whether you have 10 employees or 100 employees. Aegis Insurance & Financial Services offers EPLI coverage as part of its full range of business insurance policies, and can help you get this important coverage added immediately.
If you're interested in learning more about EPLI or adding it to your business insurance portfolio, contact the Commercial Insurance team at Aegis at 713-850-7622 or fill out our online form to request a free quote.