New York is a state where many entrepreneurs spend their time running successful companies. With that said, it takes certain protections to help ensure your business runs smoothly. Considering that, many companies invest in employment practices liability insurance (EPLI). Here’s a closer look at whether or not EPLI is right for your business.
What does EPLI do?
Employment practices liability insurance protects companies against business litigation claims of civil rights violations from their employees. What’s good for employers is that this type of insurance covers many specific situations. Some of the potential claims that EPLI can cover are:
- Wrongful termination
- Breach of contract
- Privacy invasions
- Sexual harassment
Factors affecting your EPLI costs
It’s also important to know that not all companies pay the same costs for EPLI. Typically, insurance providers look over how many employees a company has, the industry it operates in and a company’s history of claims. It’s also common for employment practices liability insurance costs to vary based on a company’s location. The reason for EPLI cost variations is that some states have more legal protections in place for their employees than others.
Does my business need EPLI?
EPLI can protect a company of almost any size from a wide range of claims. While you’d like to trust your employees, claims against your business can cost lots of time and money to resolve. If you want your business to remain protected, employment practices liability insurance might be worth considering.
In conclusion, employment practices liability insurance protects companies from a wide range of potential claims. Your company might operate smoothly right now. Unfortunately, it only takes one believable claim for an uninsured business to be in serious jeopardy.