1. EPL Insurance covers not only actual but also ALLEGED acts of discrimination, harassment, retaliation, wrongful termination and other similar acts. The cost to defend an ALLEGED act could run into the tens of thousands of dollars. This is a cost that you would incur, even though you did nothing wrong!
2. 3 out of 5 employers are sued by former employees every year.
3. Over 40% of all EPL Insurance claims are against firms with fewer than 100 employees. So small businesses are not immune. If you have ANY employees other than yourself, your business needs EPL Insurance coverage.
4. Some federal and state employment laws apply to all employers, regardless of number of employees. Any size company has an exposure!
5. The Equal Employment Opportunity Commission (EEOC) recorded nearly 100,000 charges in 2010 and procured more than $417 Million in settlements for claimants.
6. The financial ramifications of not having EPLI can be crippling, especially for a small business because they do not have the resources to handle the defense costs, which can run into the tens of thousands of dollars, let alone the settlements or judgments of an uninsured accusation.
7. The median cost of an EEOC lawsuit in 2010 exceeded $270,000!
8. There is no EPLI coverage under other insurance policies such as General Liability Insurance (GL). Any endorsement to another policy generally provides insufficient limits and does not provide the scope coverage of a separate EPLI policy and erodes the limits available for the GL exposure.
9. Since 1997, wage and hour litigation has tripled. More wage and hour collective or class actions have been filed in recent years than any other types of employment class actions combined
10. Recent Supreme Court decisions have lowered the standard of what constitutes retaliatory treatment. Retaliation now accounts for more than one third of all EEOC charges.
So if you own a business with ANY employees, you need to give Frimark/Keller & Associates a call to discuss this important EPL Insurance coverage. Without it, your business could be crippled with just an accusation of an improper action.
Frimark/Keller & Associates is a full serviced Trusted Choice Insurance Agency. We have protected the residents and businesses of Schaumburg and Park Ridge since 1910. We offer a full array of personal insurance, business insurance and life insurance products. Call us at 847-907-4520!