ARI Blog: Article

Restoration Insurance: Employment Practices Liability Insurance Overview


Did you know that according to a Jury Verdicts Research study conducted that over 40% of employers with between 15 and 100 employees will experience some type of discrimination claim? Did you also know there is a 67% chance the plaintiff award will exceed $100,000?

Those are some pretty harrowing statistics and litigation has only gotten worse since the study was done. Employers are increasingly becoming the targets of litigation from their employees, and lawsuits can stem from just about any situation.

This best way to protect yourself and your restoration company is to purchase Employment Practices Liability Insurance.

What does it cover?

Employment Practices Liability Insurance can protect you from a variety of incidents. For example, claims stemming from discrimination, harassment, unlawful termination, and failure to promote are typically included in a standard policy.

Your policy will also include the cost of an attorney to defend you when these types of claims do arise. This is so important because attorney’s costs alone can be higher than the actual settlement amount of a claim!

Also, it is very important to include 3rd party coverage on your policy. This way if a customer feels harassed or abused by one of your employees, you and the company will have the protection you need.

What does it cost?

Policy premiums are almost always based upon the number of employees you have within your company. The more employees you have, the higher the premium. Minimum premiums will usually start at about $1,500. And, while this premium may be a little high, it’s very important to remember that if you have just one claim against your company, founded or unfounded, the cost of an attorney will be much more expensive than an insurance ever would have.

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