Employment Practices Liability Insurance Information
Any business that employs workers must take steps to protect itself from potential lawsuits arising from allegations of unfair treatment. Various circumstances may lead to a current or former employee accusing your company of improper practices. When facing such accusations, it’s imperative for your business to have adequate employment practices liability insurance (EPLI).
The insurance experts at Advance Insurance of Northwest Florida have the experience to help businesses in the Pensacola area protect themselves with EPLI coverage.
What Does EPLI Cover?
There are many different scenarios that could lead to an employment practices liability lawsuit. Fortunately, the right EPLI policy can protect your organization from lawsuits arising from various allegations, including:
- Wrongful termination—Former employees may allege that their firing was unlawful.
- Discrimination—Lawsuits may arise from an employee feeling they were discriminated against, such as on the basis of race, religion or gender.
- Negligence—Employees may file suits based on alleged negligence, such as managers allowing or cultivating a toxic work environment.
- Employer misconduct—Inappropriate behavior by members of your company, such as harassment, is a serious allegation that could lead to costly damages.
- Retaliation—These accusations allege that an employee was punished or treated unfairly for reasons not related to their job performance, such as reporting issues in the workplace.
- Improper promotion or disciplinary practices—Employees may allege that they were disciplined, demoted or passed over for a promotion for unlawful reasons.
These accusations can arise from everyday situations, such as hiring new employees, offering promotions and general communications. Given the frequency of circumstances that could lead to such lawsuits, the importance of EPLI coverage is clear.
How Much Does EPLI Cost?
Several factors will determine the cost of your EPLI policy. Our agents will analyze your business and consider the following:
- Number of employees
- HR policies and procedures
- Prior claims history
Your policy's specific terms and conditions—such as your deductible—will also help determine your premiums.
Get the Right Coverage for Your Business
Your employees are an integral part of your company’s success, but they may also be a source of risk. Even an unintentional slight or offhand remark can leave an employee feeling alienated or undervalued. If this happens, the financial and reputational damage to your organization could be severe.
Fortunately, the agents at Advance Insurance of Northwest Florida can help ensure you are prepared. Contact us today to learn more about EPLI and start building the right coverage.