Have you heard of Employment Practices Liability Insurance, aka EPLI? It's an insurance policy that employers can purchase to protect themselves against claims made by employees (or even third parties like customers or vendors) for issues like discrimination, wrongful termination, harassment, and retaliation. And the coverage isn't just for legal fees -- it can also include settlements and judgments resulting from covered claims, as well as costs associated with investigations, witnesses, and court appearances.
Basically, if your business is hit with an employment-related claim, EPLI can help cover the costs and protect your reputation. The best part? You can customize your policy to meet your specific needs, like adding coverage for wage and hour claims or employee benefits liability.
Here are some features of Employment Practises Liability Insurance (EPLI):
Let's talk about Employment Practises Liability Insurance (EPLI) and some of its key features. First off, EPLI provides coverage for a variety of employment-related claims such as discrimination, harassment, retaliation, wrongful termination, and more. What's great is that it can cover claims made by not just employees, but also third parties like customers or vendors. Another awesome feature is that EPLI policies typically cover legal defence costs, including lawyer fees, court costs, and related expenses.
Risk management resources are often included in EPLI policies, providing businesses with helpful tools like online training, policy samples, and legal hotlines to minimize the risk of employment-related claims It's important to protect your company's reputation from the expenses, time-consuming process, and potential damage caused by employment-related claims. EPLI offers that protection, ensuring businesses are shielded from the financial and reputational risks that often accompany such claims. And finally, EPLI policies can be customized to meet the unique needs of your business, and may even include additional coverages like wage and hour claims, breach of contract claims, and employee benefits liability.
If you're a business owner, make sure you go over your EPLI policy with a fine-tooth comb. Know exactly what's covered and what's not, and work with your insurance company or broker to make sure you're getting coverage that meets your specific needs and risks. It's super important to really review that policy and get it.
