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Do I need employment practices insurance?

May 11, 2020

Almost all business owners would agree, their most valuable asset are their employees and it is a sizable expense to hire and train new employees and to bring them up to a production level to justify the cost spent.  The right employee can drive business in and the wrong employee can drive business out.

Picture this, as an employer you have many employees as a part of your successful business but there is one employee who is the proverbial 'bad apple'.  This employee does not follow the rules and regulations set forth in your Policies and Procedures manual.  After multiple disciplinary actions for this employee and many sleepless nights as a business owner you decide that it is best to part ways.  You have dotted your 'I's' and crossed your 'T's' so you feel this is a justified action.  You now are notified your terminated employee has filed a lawsuit against you and your company for discrimination, wrongful termination, harassment or breach of contract.  

Is your disciplinary action documentation complete?  Are your 'T's' crossed and your 'I's' truly dotted?  Do you have the appropriate coverage in place to provide defense costs for a claim like this?  Employment Practices Liability Insurance (EPLI) is a coverage that is truly needed today for employers. 

EPLI, like all lines of insurance, can provide you with piece of mind.  Through helping to solidify documentation for disciplinary actions this coverage will help you to have the confidence to know you are doing things the right way.  You will feel like someone 'has your back'.  Just like a 6'5", 265 pound older brother standing behind you with his arms crossed, this coverage is there to protect you and your business.

To talk about how your business can benefit from EPLI coverage, contact Chalmers Insurance Group, your local Trusted Choice Insurance Agent.

1-800-360-3000

http://www.propertycasualty360.com

 

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