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By Andrea Moyer

I started working in the Commercial Lines Department at The Weimer Group about nine months ago. Since then, I’ve become deeply interested in how commercial insurance works and what kind of coverages different businesses require. I’ve learned thatimage of employee receiving a performance review one of the most important and crucial types of coverage is Employment Practices Liability Insurance, or EPLI.

EPLI is liability insurance that covers business owners in the event that an employee files a claim against them. Coverage can protect businesses and assist with liability damages and defense costs, acts that you’re unaware of prior to the policy’s start date and claims brought by customers, clients or vendors.

If you’re unsure whether EPLI is appropriate for your business, ask yourself the following questions:

  1. Is there a chance you will terminate or lay off any employees this year?
  2. Is there a chance you might promote any employees this year?
  3. Is there a chance you might demote any employees this year?
  4. Will you be preparing and delivering performance reviews?
  5. Will you be giving salary increases?

Did you know…

  • 81% of EPL charges settle between $27,000-$50,000[1], which many smaller business could not afford on their own?
  • Although 75% of charges eventually are found to be groundless, 100% require defending?
  • Small businesses, even those with few employees, can be as vulnerable as larges businesses to charges brought by third parties such as customers, clients or vendors?

Our agents can help you determine how much coverage you need and whether you need a stand alone EPLI policy or an EPLI endorsement. Contact our Perkasie (215) 257-9171 office today and make sure that your business is properly covered.

Also Read: Life Insurance for Businesses

[1] Source: Hartford Steam Boiler claims data

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