Today, more than ever, allegations against employers for unfair or discriminatory practices are seen in the news, and lawsuits and reputational damage are common. However, unless your business has employment practices liability insurance, you could face adverse financial risks.
An important asset to a business’s insurance plan, employment practices liability insurance will help pay for a company to defend itself should a disgruntled employee file a suit for wrongful employment practices, including harassment, unfair hiring/firing practices, and discrimination. This coverage may also provide access to legal services and risk prevention advice.
Even if your company has a stellar record and policies that clearly support best employment practices, you could be accused. Remember that even the innocent must mount a defense, and that can be costly. Don’t gamble your assets and your reputation. Take a look at employment practices liability insurance as a means to protecting both.
