Employment Practices Liability Insurance (EPLI) may be something that you as an employer are not aware of.
What exactly is EPLI? It is insurance that covers you for claims filed against you by your employees.
EEOC (Equal Employment Opportunity Commission) claims today are at their highest level since 2002, and each category — discrimination, harassment, retaliation, etc. — has increased by double digits since 2006.)
Unfortunately, the average cost for defending this type of claim is $125,000.
The average jury award is $200,000 at the federal level. Statistically, employees win two out of three claims that make it through court. And that is just the federal EEOC. Plenty of claims are brought at the state and local levels, which are notoriously employee friendly.
Cutting costs has become a balancing act for all of us today. EPLI coverage is inexpensive and can protect you from a very large expense!