Did you know that while American firms were downsizing in 2010, the U.S, Equal Employment Opportunity Commission saw a record 99,922 discrimination claims filed in the fiscal year ending September 30. It was the highest number of cases brought in the agency’s 45-year history.
– Wrongful Termination
What is EPL Insurance?
EPL Insurance policies protect businesses from the financial costs incurred from employment-related lawsuits filed for a range of reasons, from wrongful termination to harassment to discrimination and so on.
“It’s really the small employer that’s taking a harder look at this insurance these days, especially when you think about the cost of the insurance compared to the cost of cases and the rising number of cases,” says Cathy Paladino, employment practices liability product manager for Chubb Specialty Insurance. “Generally speaking, we tell small employers that they are more likely to have an EPL claim than they are to have a fire, statistically speaking.”
A recent Chubb survey found that 36% of private company executives understand the gravity of their exposure to EPL suits and 21% said they had an experience with an EPL suit in the last five years.
Call us today to discuss if your business is properly insured!