Do You Need Employment Practices Liability Insurance?
Employment Practice Liability Insurance (EPLI) can help protect your company against lawsuits for harassment, discrimination, wrongful termination and other similar allegations. Think about these 5 numbers and why you should consider purchasing EPLI for your business: 75,000, 125,000, 70, 101,500, and 89,000. The average cost to defend your own company against an employment lawsuit is between $75,000 and $125,000. The employee wins about 70% of these cases that go to court. In the year 2014 there were approximately 101,500 non-residential fires and 89,000 claims of employment discrimination. The reason we bring up how many fires on non-residential buildings is this; would you ever buy a commercial building and not put insurance on the building? Probably not. The ratio is almost 1 to 1 of fire claims vs. discrimination claims. Think about that the next time you wonder if you need Employment Practices Liability Insurance.