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    NEED COVERAGE, LIKE YESTERDAY?

    Whether you just closed a huge new account or if you are moving into that sweet new office; chances are you need proof of insurance - and you need it fast!

    Here @ Insurance4Technology, we utilize the best insurance tech available to turn around customized quotes catered to your exact needs in hours, not days.

     

    Employment Practices Liability Insurance

    What is Employment Practices Liability?

    Employment Practices Liability Insurance is a relatively newer form of liability insurance. Suits are becoming more regular and coverage is becoming harder to come by. It provides protection for an employer against claims made by employees,former employees, or potential employees. It covers discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, hour and wage disputes and other employment-related allegations. It covers your firm, including its Directors and Officers.

    When is Employment Practices Liability Needed?

    Employment Practices Liability is needed as soon as you start to hire employees. Most investors and directors will require that you carry this coverage as part of your Directors and Officers Liability insurance since they can also be held liable in suits relating to employment practices. Many small businesses think they are immune to this risk since they only have a handful of employees. However, small businesses can be at higher risk as they may not have a Human Resources Department to handle constant employment law changes nor have a hiring protocal like larger businessess have in place. 

    Why do I need Employment Practices Liability?

    Cases against employers are on the rise. It is estimated that three out of five firms will be sued by an employee. Companies are finding that they are vulnerable from the pre-hiring process through the exit interview, even if the employee was never hired, or only at the company a matter of days. It can happen to ANY firm. We have all experienced it. It could be a joke told in the break room, an employee you had to fire, a “friendly” programmer, or that person you chose not to hire. Every employer faces the reality that it will be the target of legal action from past, present and prospective employees. Even if the claim is groundless or fraudulent, the defense of a suit can be expensive in time, resources and financially. The number of lawsuits filed by employees against their employers has been rising. While most suits are filed against large corporations, no company is immune to such lawsuits. New firms are especially vulnerable. Newer and fast growing companies are often prey to these types of claims because their management team has not yet designed or implemented procedures for hiring, firing, and disciplining employees.

    Welcome to reality. Just because you might not have told the off-color joke to the new employee on their first day, your Independent Contractor, or client, might not think the same way. It’s still your firm that gets sued, and you can’t always monitor every hire, termination, or conversation that takes place in your office. Nor can you always know who will sue, and you can’t always prevent a disgruntled employee from lying or exaggerating just to “get even” with you. In today’s work environment Employment Practices Liability Insurance is becoming more of a necessity than an option.


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