You Aren’t Scared of Employment Practices Liability
Your Employees Are Not Your Family and Even If They Were...
There was wonderful article recently written by Jeffrey O’Shaughnessy in American Agent & Broker Magazine about Employment Practices Liability Insurance (EPLI). In this article O’Shaughnessy states that “Workplace discrimination claims are at an all-time high and small business owners feel vulnerable.” He’s right about the fact that workplace discrimination claims are at an all-time but I highly disagree that small business owners feel vulnerable at all!
If small business owners felt vulnerable why do only 1.2 percent of businesses in America have EPLI coverage?
I will tell you why… “Its Not Going To Happen to Me!”
98.8 percent of American business owners feel that their business is too small, their employees are too much like a family, or there is not enough time to think about the coverage.
Who do I blame for this mentality? Insurance Agents and Brokers!
O’Shaughnessy’s title really gets to heart of this issue “Small Business, Big Risks”. It is our job as agents and brokers to educate and communicate the risks associated with being a business owner. Small, Medium, Large, Gi-Normus… Makes no difference.
EEOC statistics show that 81 percent of employment related claims settle for between $22,400 and $40,500 (From O’Shaughnessy’s article). That’s the settlement, it doesn’t count legal fees and time-dollars for being off the job.
Business Owners, can you handle a $30,000 one off payment? Agents and Brokers can your insured handle a $30,000 one off payment? Most likely not…
This can happen to you!
Many Insurance Carriers are recognizing the need for EPLI coverage and adapting according. Instead of expensive Mono-line policies, EPLI is now incorporated into BOP and Package policies. Making coverage much more affordable for the small business budget.
Read O’Shaughnessy’s article, there are statistics in there that will blow your mind. Then call your agent or broker today to talk about purchasing EPLI…
“If you’d like to talk about your Insurance Risk, contact me today. We can talk about your exposure, and begin our relationship!”
Thank you,
Ryan H.
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