Taking measures to protect your business from a financial loss starts with your insurance. Commercial insurance Woodland Hills is a key part of limiting your financial risks. A basic policy you may want to consider is an employment practices liability insurance policy.
What is a EPLI Policy?
An employment practices liability insurance, or EPLI, policy is a type of business insurance Woodland Hills. The policy protects your business from lawsuits from your employees. The exact coverage depends on your concerns, but it helps with the costs of a lawsuit.
The policy helps when your company is sued by an employee or previous employee. The situations that may apply include:
• Wrongful termination cases
• Discrimination cases
• Cases about sexual harassment in the workplace
• Breaching a contract with an employee
• Mismanagement of your employee’s benefits
• Failing to promote an employee
• Disciplining an employee without a cause
• Negligence during an evaluation
When an employee or former employee sues your company, you want coverage to help with the legal costs. The EPLI policy helps limit the costs of the case and gives you a chance to defend the reputation of your business.
How it Protects Your Company
When you purchase a EPLI policy, it protects your company by limiting the cost of legal fees. The policy will reimburse your company for the cost of legal services and legal fees when an employee sues your company. It will usually pay for the legal costs in your case, even if you do not win the case. It will not pay the civil or criminal fines from the case. It also does not cover cases associated with Worker’s Compensation.
Taking measures to protect your company from financial losses is a process. When you hire employees in your business, you want to consider a EPLI policy. The policy helps with your legal costs and prevents complications from your employees. For a free quote or to learn more about EPLI policies, contact Absolute Value Insurance today.
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Thank you Serafina & Igor!
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