Employment Practices Liability Insurance
COVER YOUR RISK
Employment-related lawsuits are a growing concern for employers of all sizes. As costs for litigation and damage awards climb, experts predict that employment liability will only become more complex. As a result, it is critical for employers to understand their exposures and options to manage the risk.
Strategies to Reduce Your Company’s Exposure
Two effective risk management strategies include solid human resources practices and employment practices liability (EPL) insurance coverage, a policy used to cover your risk due to the ever-changing legal and employment environment.
The three most common employment-related lawsuits today are:
Employment practices liability (EPL) insurance works hand-in-hand with your internal employment practices to provide the necessary resources to defend your company against a suit or to pay a claim. To best understand how to cover your EPL risk, it’s important to know the potential sources:
Human Resources Auditing
To verify your HR policies and best practices, conduct a thorough HR audit:
Employment law is often complex and varies depending on the jurisdiction. Well-organized and credible documents can demonstrate fair treatment, deter litigation, ensure employee honesty, and, should litigation occur, demonstrate the employer’s actions.
Why Consider EPL Insurance
EPL insurance coverage is the most useful risk management tool used in defending against a suit or paying a claim. In fact, evidence of desirable practices and policies will be required to obtain EPL coverage. Typically, GDI Insurance Agency requires a copy of your employee handbook, which should cover the following policies:
In addition, you will be asked to provide the most recent annual report or SEC 10-K, the list of entities proposed for the coverage, and most recent EEO-1 reports.
EPL insurance works hand-in-hand with your internal employment practices to provide the necessary resources to defend your company against a suit or to pay a claim. As with all of your risk management needs, GDI Insurance Agency, Inc. is committed to assisting you in assessing your employment-related policies and helping you to develop best-practice solutions. Call us today at (888)991-2929 to learn more about our effective risk management services.
Is your current broker well compensated, but providing little more than an annual visit at renewal? Consider the added value that GDI’s services bring to the table.
Are your employees getting the best value for their money?
Your employees are paying for a portion of your benefit plans, and consequently are paying a portion of our fees. You’ll want to ensure that you are providing the best value and service for your company and its employees by working with a quality organization. Our clear and professional enrollment materials, wellness communication materials, and other resources can help keep your employees satisfied, healthy and safe.