Business owners know that the right kinds of insurance can make a huge difference in the economic stability of a company. From property to commercial auto, your business requires certain kinds of policies to help it succeed. One underrated policy is employment practices liability. This insurance can help both small and large business deal with the blow of a lawsuit from a current or former employee.
What Does it Include?
Lawsuits can come from a number of different directions including your own staff. If an employee claims discrimination, harassment, wrongful termination or failure to promote, then employment practices liability can help you out. Certain insurers even help with a claim involving not deciding to hire someone. This liability helps a business with court costs and possible settlements.
Do You Really Need It?
While owning a business is rewarding, it is not without its dangers. From the moment you interview someone, your company is under the possibility of a lawsuit. These claims hit especially hard against small businesses who may not have the funds to cover thousands or even millions in settlements. It is much better to be prepared than to be caught without the best policy.
In order to obtain the right amount in employment practices liability, work with an agent or broker you can trust. Protect your business as soon as possible!