Employment practices liability insurance (EPLI) is a type of insurance that protects businesses from lawsuits alleging wrongful termination, discrimination, harassment, and other employment-related claims.
EPLI is important for businesses of all sizes, as employment-related claims can be costly and time-consuming to defend. In fact, the average cost of an employment-related lawsuit is over $200,000.
EPLI can help businesses protect themselves from these costs by providing coverage for defense costs, settlements, and judgments. Remember, even if you did nothing wrong, an employee can file a suit based on their allegations alone and you will need to defend your business in the suit.
What is covered by EPLI?
EPLI policies typically cover a wide range of employment-related claims, which may include:
- Wrongful termination
- Wage and hour violations
- Breach of contract
- Invasion of privacy
Some policies may also cover claims related to the use of social media by employees.
How much does EPLI cost?
The cost of EPLI will vary depending on a number of factors, including the size of your business, the number of employees you have, the type of industry you are in, and your claims history.
EPLI may not be cheap but is usually worth the investment, especially when compared to the potential costs of defending an employment-related lawsuit.
How do I get EPLI?
The Otium Agency Inc. has many carriers that provide EPLI, and will market your business to ensure you get the right coverage and a competitive premium. We are here to help!