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Employment Related Practices Liability (EPLI)?Are You Covered??
This insurance is used to protect against lawsuits by employees alleging wrongful termination, discrimination, harassment or other specified employment related exposures.
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EPLI exposures can also be covered under an Umbrella policy or as an endorsement to a D & O Policy.? EPLI coverage written as a stand alone policy is usually preferred however since it is often used with a lower deductible that D &O or Umbrella policies and maintains separate limits of liability from other coverage?s.? Most EPL policies are written as scheduled forms that specifically list what types of claims are and are not covered.?? Take a look at the following questions you may have asked yourself.?
- Who wants to make a complaint against my company?? I've done nothing wrong! The person you least expect will sue you.? All it takes is a motivated employee and a one-page form to file a complaint with the EEOC.? And you may be correct when you say you have done nothing wrong.? Cases often have no basis in fact, however, you still need competent legal counsel to defend your company. If your company is not able to respond quickly to an employement-related charge or lawsuit, the suit will proceed to court.? A company wants to avoid a jury trial at all costs.? If the allegation does proceed to a jury trial, the defense costs alone may exceed $250,000 for a lawsuit and may take years to resolve.? In addition to the defense costs of a jury trial, juries tend to be pro-plaintiff and unpredictable which can lead to astronomical damages awarded in the hundreds of thousands and even millions.
- I am a small employer, why should I purchase ELPI coverage?? Small to midsize companies are particulary at risk because they often don't have the resources available in a larger?corporation, such as a human resource director/department or legal counsel versed in employment law.? In an increasingly complex employment enviroment, it is difficult to stay current with changes in employment law, let alone develope, implement and maintain procedures to ensure compliance with regulations.
- It is difficult for me to budget for this coverage?? Do I really need it?? No company bears the risk of fire, theft or customer injury without the protection of insurance.? Yet, it is far more likely that a company will face an employee complaint than the devastating effects of a fire.? Over seventy-five percent (75%) of all litigations against corporations today involve employee disputes, and the typical expense of such lawsuits exceeds $250,000 in judgments, costs, and attorneys' fees.? We consider EPLI to be as necessary as general liability or property coverage.
- I think I have this coverage under my other insurance policies.? Typically, general liability policies do not include coverage for allegations of workplace discrimination or wrongful discharge and most now have full-blown exclusions for employment-related lawsuits.? Director and Officer (D&O) liability policies may provide some coverage, but most directors and officers policies do not cover the corporation or its employees.? Also, the ever-increasing EPL losses under these policies are forcing most carriers to exclude EPL claims under D&O policies.? In addition, do you want an employment claim to lead to the cancellation of your D&O policy?? Are you willing to share limits with other coverages or be subject to exclusions that could limit your EPLI coverage?? For these reasons, risk managers strongly recommend purchasing separate, specialized, stand-alone policies rather than combining coverages.
- This "EPL" Insurance has to be expensive.? Right?? No, pricing is very competitive.? If you have not already received a quote for your company, you should request one immediately.? You only need to answer a one-page questionnaire to receive an indication of pricing.? You will receive pricing for a quote with various limits, deductibles and coverages that suit your needs and situation.? Your premiums are based on the number of employees, location and nature of your business, to name a few of the rating and underwriting criteria.
- If I buy a policy, will I get stuck with the insurance company's legal counsel?? Working with someone you know has distinct advantages when a claim arises.? We will consider your company's preference for defense counsel as long as they are labor law specialists.? However, your insurer will have a team of specialists that work with dedicated labor and employment attorneys who have significant experience in defending the EPL claims.? You cannot use general practioners when defending a claim due to the unique laws and techniques needed to amicably resolve an employment claim.? Your insurer will also be able to obtain preferred rates with qualified labor counsel, including labor counsel that you may currently retain, which will help in turn keep down the costs of the claim for all parties involved.
Give us a call at 1-888-474-4467 today for a quote.
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