Every business owner understands that not everything runs smoothly 100% of the time. Similarly, no business likes to believe that there are disgruntled employees that are ready to file a suit through their lawyers. Fortunately, there are insurance policies that act as safety nets when things go awry.
Employment Practices Liability Insurance (EPLI) can help to protect your business in the event of tribunals, constructive dismissal claims, and much more. As the Employment Law becomes more complex with every passing year, keeping up to date with legislation and regulations can be difficult for professionals who are already busy.
Employment Practices Liability Insurance can cover your business throughout these claims and more:
If your business suffers a lawsuit regarding one of the above from an employee or former employee, insurance will step in to cover the costs associated with the legal action and tribunals. While large businesses typically have substantial Employment Practices Liability Insurance in place, small or new businesses are often the most vulnerable to risk and employment claims. If you own a start-up company, don’t risk it without this insurance.
When hiring, disciplining or terminating employees, it’s important to take precautions to protect the business. You can do this by following these tips:
Furthermore, creating an effective record-keeping system to document disputes can prove useful should a legal issue arise. With Employment Practices Liability Insurance, you can rest assured that your business will not suffer financial hardship when accidents happen.