employment practices liability insurance
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The Power of Employment Practices Liability Insurance
In today’s world, equal employment laws have provided individuals with critical rights, supporting fairness in all workplaces. However, this advancement has resulted in an increase in unjustified allegations against fair and responsible employers, creating a new commercial danger. As organizations face the problems of defending their brand and financial stability, a strong answer is required. Enter Employment Practices Liability Insurance (EPLI), a critical safety for firms confronted with employment-related disputes
Employees are Suing Their Employers – And Winning
Not only are employees filing more claims against employers, but they are also demanding greater compensation. The EEOC, meanwhile, has made it clear that it will pursue strong enforcement in this regard. As a result, employers may lose more cases and pay more in compensation. A small unintentional mistake from your side can cost you an arm and a leg. After all, it is never easy to keep up with ever-increasing rules and regulations that employers must comply with. Given all this, it is clear that employment practices liability insurance has never been more vital for business owners like you.
The Growing List of Employment Rules – and its Ominous Ramifications
More regulations are on the way that employers must follow. For instance, the Supreme Court will hear arguments on what constitutes grounds for religious discrimination. So the worst is not over yet. Courts are granting more protection to employees who ‘blow the whistle’ on employers. In other words, the odds are stacked against you, the employer.
Unscrupulous employees now have access to more avenues to exploit to file unmerited claims against employers like you. Courts are conferring more rights on employees and increasingly siding with them against hapless employers. Hence, you should brace your business for the litigation storm by embracing employment practices liability insurance.
Surprising Insights into EPLI
EPLI (Employment Practices Liability Insurance) has a plethora of intriguing statistics that shed light on its relevance and influence. Did you know that small firms are the target of more than 40% of employment-related lawsuits? EPLI can protect firms against costly legal fights resulting from accusations of discrimination, harassment, and wrongful termination. EPLI, to the surprise of many, includes not only present employees but also applicants and past employees. Defense fees, settlements, and even damages are frequently covered. Contrary to common opinion, EPLI may be tailored to individual company requirements, assuring full coverage. Employers are embracing EPLI as a proactive tool to manage risks and maintain their image in the current business landscape as workplace dynamics continue to shift.
The Law Increasingly Favors Employee Claims – How to Fight Back
Increasing legal rights for employees, greater compensation amounts and a rising number of court victories will embolden opportunistic employees and their attorneys to pursue even more cases against beleaguered employers. You can’t rest easy knowing that courts are more aggressive against employers. The EEOC, for instance, reiterates its ambition to ‘address systemic discrimination.’ It means more legal quagmire for besieged employers.
It’s no wonder the biggest brands and corporations are facing – and losing! – high profile employee claims. For example, the EEOC forced Activision Blizzard to pay $18 million last year due to harassment claims filed by its employees. Being an employer has never been this hard. We sympathize with your plight and present the employment practices liability insurance as an indispensable tool to safeguard your business interests in an increasingly hostile legal milieu.
Defend Your Business Interests Now – With EPLI
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EPLI Plan – What to Expect
No business can do without employment practices liability insurance due to the steep rise in employer claims and compensation amounts. GGA Insurance Group employment practices liability insurance can extend several much-needed benefits for your business.
EPLI covers the legal costs of defense incurred due to employee lawsuits that claim wrongdoing by the employer such as retaliation, harassment, discrimination, unfair termination, breach of employment contract, negligence, failure to promote or employ, emotional harm, mismanagement of employee benefits plans, and so on. Given the rising tide of employee claims against employers, it is imperative that you cover yourself as soon as possible with a comprehensive EPLI plan. No matter how hard you try to sincerely comply with ethical practices, there will be a few who will have some grievance against you. Don’t take chances. Get covered today with the best EPLI plans by GGA Insurance Group.
Frequently asked questions
Yes, it does. An EPLI plan may be more cost-effective for small businesses since they are less robust financially and thus more vulnerable to the effects of huge compensation amounts imposed by courts.
“Employment Practice” refers to hiring and management practices within an organization. Certain practices are allowed for organizations such as employing on merit and promoting high-performing employees. However, certain practices infringe on the legal rights of employees and are hence punishable by law.
No, they are different. Employer liability insurance covers you for lawsuits that involve claims of injuries or illnesses suffered due to workplace conditions. Employment practices liability insurance, on the other hand, covers you for employee claims like discrimination, retaliation, breach of employment, and so on.
We have proudly served the business community for over three decades by providing expert advice on insurance products they need. Our experts will give due regard to your unique business scenario. Recommendations are tailored to your business needs.
Our expert insurance agents will assess your risk profile and collect pertinent information to determine your policy premium. You can get in touch with us today for a free consultation.
You will be pleased to know that we collaborate with the most reputable insurance underwriters like AIG, Lloyd’s of London, Mercury Insurance Group, Bankers Insurance Group, Hartford, Travelers, Everest, Great American Insurance Group, Progressive, and Liberty Mutual Insurance. These are some of the best names in the industry that countless clients rely on.