Do You Need EPLI Insurance? Here Are Some Facts.....
What You Need to Know about EPLI Insurance.
A type of liability insurance covering wrongful acts arising from the employment process. The most frequent types of claims covered under such policies include: wrongful termination, discrimination, sexual harassment, and retaliation. In addition, the policies cover claims from a variety of other types of inappropriate workplace conduct, including (but not limited to) employment-related: defamation, invasion of privacy, failure to promote, deprivation of a career opportunity, and negligent evaluation. The policies cover directors and officers, management personnel, and employees as insureds. The most common exclusions are for bodily injury (BI), property damage (PD), and intentional/dishonest acts. EPLI policies are written on a claims-made basis. The forms contain "shrinking limits" provisions, meaning that insurer payment of defense costs—which are often a substantial part of a claim—reduce the policy's limits.
What Does EPLI Insurance Cover?
EPLI insurance will provide compensation for losses caused by employee lawsuits, including all incurred court costs and legal fees. While frivolous lawsuits commonly happen, many petitioners do have legitimate claims. Even if your company does not intentionally violate employment laws, you still can be held liable. For this reason, it is particularly important to have a well-written employee handbook and policies and procedures manual available, and to ensure that employees adhere to the established guidelines.
Some examples of reasons that a lawsuit may be filed against your company include the following:
Contact Delaney Insurance Agency, Inc. today to discuss protecting you and your business.
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