As a business owner, it’s important to protect yourself and your company from potential liabilities and risks. One way to do this is by carrying employment practices liability insurance (EPLI). Here are five reasons why every business should consider carrying EPLI:
- EPLI covers claims made by employees, former employees, and applicants. This includes claims of discrimination, harassment, wrongful termination, and other employment-related issues.
- It can help protect your business’s reputation. Employment-related disputes can be damaging to a company’s reputation, and EPLI can help cover the costs of defending against these types of claims.
- EPLI can help cover legal costs. If an employee or applicant files a claim against your business, the costs of defending against the claim can be significant. It can also help cover these costs, including attorney’s fees and court costs.
- It’s customized to meet the needs of your business. Depending on the size and nature of your business, you can tailor your policy to provide the specific coverage you need.
- EPLI is often not included in general liability policies. While general liability policies may provide some coverage for employment-related issues, it’s often not enough. It also provides more comprehensive coverage specifically for these types of claims.
Overall, EPLI is an important insurance coverage for businesses of all sizes. By carrying employment practices liability insurance, you can protect yourself and your business from potential employment-related liabilities and risks. So, it is always better to be cautious and take necessary measures to keep yourself and your business safe.