Businesses should have a solid employment practices liability insurance (EPLI) policy in their company guidelines. According to statistics, 70% of workers have experienced workplace discrimination.
The Right Time for EPLI
If you’re wondering when your business needs EPLI, consider the following factors and learn about the benefits of a commercial package policy.
Consider a Commercial Package Policy with EPLI
A commercial package policy is an appealing option for businesses that need EPLI and other coverage. Likewise, you want to ensure coverage for common employment practice liabilities such as unfair hiring practices or discrimination. But there are plenty of other liabilities that are equally important. Moreover, package policies are beneficial because they allow business owners to select the type of policies they need, take advantage of discounted premiums, and create coverage that suits their exposures.
Assess Your Business’s Top Risks with the EPLI Policy
Do you need to include EPLI in your commercial package policy? There aren’t any guidelines dictating when a business needs EPLI. But it’s a wise investment for any company that employs several staff members. Realistically, the moment you hire your first worker, you become vulnerable to claims of employment practices liability — and the more people you hire, the greater this risk is. Including EPLI in your package policy is a simple way to offset this exposure and protect your business from litigation.
Understand Employment Laws
In addition to getting EPLI insurance, businesses must invest in preventative practices that will minimize the likelihood of an EPLI claim. Therefore, ensure that you comply with all applicable employment laws. The Equal Employment Opportunity Commission mandates that businesses cannot discriminate against job candidates based on their race, age, religion, or sex. Most businesses that employ at least 15 people are subject to these laws.
Don’t Make Your Business Vulnerable
Complying with these laws is the bare minimum every business should do to prevent liability. If investing in a commercial package policy with EPLI, you should avoid any action that may expose your business to unnecessary liability. Some companies make the mistake of posting ads for open positions, encouraging people of specific demographics or age groups to apply. Even if you make statements like these with good intentions, they may result in liability.
Invest in a Commercial Package Policy
Business owners know risks are present in nearly every aspect of daily operations. With diligence and accountability, you can offset these risks and minimize many of the most challenging liabilities. It includes potential EPLI claims and allegations. It is a good idea to partner with a trusted insurer to invest in a commercial package policy and secure additional protection for your business. This type of policy can help you avoid litigation and losses.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
