Employment Practices Liability Insurance (EPLI) - A Coverage Requirement - NO QUESTIONS ASKED

Risk Channels Insurance Podcast

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6y ago 21:27

MP3•Thuis aflevering

While most states have a requirement for formal workplace sexual harassment prevention policies, October 9, 2018 was the deadline for all New York State employers to formally adopt a their workplace sexual harassment prevention policy. In this episode, we will discuss why having Employment Practices Liability Insurance (EPLI) is so important and how it works in tandem with the NYS regulation.

OVERVIEW

Employment Practices Liability Insurance (EPLI) can cover lawsuit expenses when an employee sues over discrimination, harassment, wrongful termination, and similar issues. These lawsuits are increasingly common, so Employment Practices Liability Insurance is essential for many small businesses.

Laws like the Americans with Disabilities Act and the Family Medical Leave Act outline standards employers have to meet. When employers break these rules, even without meaning to, they may face a lawsuit. Employment practices coverage helps businesses handle the cost of these suits.

Employee lawsuits can be expensive. According to HR Morning, a news site for HR professionals…

- The average EPLI lawsuit settlement is $125,000.
- The median judgment against an employer is about $200,000.
- 25% of judgments are more than $500,000.

Those costs don't include hidden expenses, such as lost productivity or reputational damage.

That's why it's smart to have EPLI coverage if you have employees. It provides the funds to handle your defense and settle lawsuits quickly.

We at ASZ are here to assist you with finding the right coverage at the right price point. Feel free to contact one of our knowledgeable staff members today at 800.694.0279 or CLICK HERE TO SCHEDULE A CALL.

REFERENCES

http://www.hrmorning.com/what-discrimination-charges-cost/

https://www.nysenate.gov/legislation/laws/LAB/201-G

https://www.nysenate.gov/legislation/laws/EXC/296-D

Minimum standards for sexual harassment prevention policies

Sexual harassment prevention toolkit for employers

Model policy statement - Microsoft Word format

Model policy statement - PDF format

Sexual harassment prevention poster (optional) - Word format

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