Any business owner knows they need quality insurance coverage to keep them protected, and chances are, they knew it before they even started their company. After all, with the work it takes to launch a business, it’s certainly worth protecting. But, exactly how much coverage do you need? Which options are right, and what gaps need filling?
While most people know they need standard commercial, there are additional add-ons worth considering. Think commercial auto. Think worker's compensation. Think cyber coverage Think EPLI?
If you’ve never heard the term, employment practices liability insurance is designed to protect your business if an employee (past, present or passed over) ever files a lawsuit against you. It can keep you covered from the most common wrongful employment claims, like discrimination, harassment, wrongful termination, libel, slander, humiliation and more.
If employment practices liability insurance isn’t one of the coverage options outlined in your policy, you might be missing out on something that could make all the difference—especially when settlements can cost millions.
To find out if your business could benefit from it, ask yourself these three questions:
- Are you a new company? If you’re just starting to build your business, you’re probably just starting to make a profit. Could you afford a lawsuit, if one was filed against you?
- Do you have emergency funds? If your business has been longstanding, you may have more money set aside for emergencies. Is it enough to pay for a lawyer and pay out a settlement? Enough to continue business as usual after the lawsuit.
- Would your business’ reputation survive? Even if your business were to win a lawsuit, the lawsuit in itself could affect how people see your company. Would your brand and its name be able to recover?
Have more questions that need answering? Start a conversation with an independent insurance agent near you.
by Frankenmuth Insurance Oct 24, 2016