The Ins and Outs of EPLI

Employment practices liability insurance (EPLI) is a kind of liability insurance designed to protect businesses from employee-generated claims related to wrongful termination, breach of contract, discrimination, sexual harassment, and workplace harassment. The EPLI market has grown exponentially over the last few decades.

Understand the Need

Employees accuse businesses of inappropriate actions all the time. They may claim that individual employees engaged in nefarious practices or that a company itself participated in such acts. Either way, employees can initiate a legal battle with their entire company. Large corporations may be able to survive such battles, but small businesses will be likely be disseminated by them. EPLI can ensure the survival of a business by covering its legal costs and settlements.

Calculate the Costs

When gauging the premium for your EPLI, insurers will take several risk factors into consideration. These factors include company type, company location, company size, litigation history, and employee policy. Insurance agents may charge a small business around $800 annually and a medium-sized business up to $3000 annually. If the risks factors within a company structure increase, its premium could rise over time.

By having EPLI, companies can save a great deal of money and avoid spending a significant amount of time and energy on certain legal issues. It is truly beneficial for businesses to have it.

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