Everyday a business faces challenges and hardships. The difference between those firms that succeed and those that fail is preparation. Like a seasoned baseball team, a solid business takes the necessary steps in order to prepare itself for any curveball thrown its way. An essential aspect of this preparation is liability insurance, namely Employment practices liability insurance and cyber liability coverage.
According to the Equal Employment Opportunity Commission (EEOC), the average number of EPLI cases filed per year is 80,000. An even more staggering number is that the average payout from a lawsuit is $180,000. Both numbers are certain to grow in the future, that’s why having an employment practices liability policy is vital in protecting your firm from astounding legal fees and any damages incurred. An EPLI specific case can be categorized under any of the following claims listed below:
• Discrimination (racial, religious, gender, age)
• Sexual Harassment
• Wrongful Termination
• Failure to Promote
• Retaliation
• Employee Related Libel, Slander, Defamation
• Mental Anguish, Emotional Distress
• Invasion of Privacy
As businesses today continue to rely more on technology and the Internet, the potential for hacker attack increases every day. A solid data security system and firewall are crucial for protecting your business’s cyber livelihood, as well as the necessary cyber liability insurance. The average cost of a data breach is $204 per lost record. These are just some cyber threats that your company can face:
• Hacker Attack
• Human Error
• Fraud
• Virus Transmission
• Employee Sabotage
• Power Failure
• Natural Disaster
• System Malfunction
Luckily if your business has either an EPLI or cyber liability policy, then it is protected against the crippling effect of legal expenses and damage payouts. Don’t let your company fail because of a sexual harassment claim or hacker attack today, tomorrow, next month, or next year.
