Ever faced a wrongful termination or discrimination lawsuit? You know it’s not a walk in the park. That’s where Employment Practice Liability Insurance (EPLI) steps in.
As a safeguard against the rising tide of employment-related litigations, EPLI protects your business and key individuals from potential claim payouts.
But there’s more to it – you’ve got to know the ins and outs, like coverage limits and active periods.
Let’s dive into the world of EPLI together.
Importance of EPLI
You’ve got to realize the importance of EPLI. It’s a safeguard against the surge in employment practices litigation, protecting your business and individuals like company directors from allegations such as discrimination, sexual harassment, and retaliation.
It’s not just about risk mitigation, but also about proactively assessing and managing potential legal threats.
Consider this when hiring employees: the potential for lawsuits is real. EPLI can provide coverage for unintentional actions or failures to act, but it’s not a safety net for deliberate wrongdoings.
Choosing EPLI Coverage
When choosing coverage, it’s important to consider if defense costs count towards the payout limit for damages. You’d want an EPLI policy where such costs are separate. This way, you’re not eating into your limit when you defend a claim.
Look for policies on a claims made basis. This means coverage is provided for claims made during the policy period, regardless of when the incident occurred. But remember, the policy must be active both when the alleged incident took place and when the claim was made.
Lastly, don’t navigate these waters alone. Seek professional guidance to determine if EPLI is suitable for your business. There are various policies available tailored to meet specific needs. An expert’s advice can help you make an informed decision.
Contacting Ollis/Akers/Arney Advisors
Ready to take the next step? Reach out to the knowledgeable team at Ollis/Akers/Arney Advisors for more information and assistance. They’re pros at helping businesses like yours navigate the complex world of Employment Practice Liability Insurance (EPLI). Whether you’re grappling with the nuances of discrimination claims or trying to figure out how wrongful termination coverage works, they’ve got you covered.
You’ll find their offices conveniently located in Springfield, Branson, and Bolivar, MO. Can’t make it in person? No problem. They’re just a phone call or email away. And if you’re more comfortable with digital communication, you’ve got options there, too. Just complete their online information request form, and they’ll be in touch soon.
Trust Ollis/Akers/Arney Advisors – they’re here to help your business succeed.
