Employment Practices Liability
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.
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:
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.
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, Sooner State Agencies is committed to assisting you in assessing your employment-related policies and helping you to develop best-practice solutions.
Is your current broker well compensated, but providing little more than an annual visit at renewal? Consider the added value that Sooner State Agencies bring to the table.