EPLI and Your Business’s Safety

A coverage that Paradiso Insurance offers, yet we haven’t talked about in a while is EPLI insurance. Now this isn’t the most glamorous of insurance policies, but boy is it important if you’re a Connecticut Business owner.  You need  to protect yourself, your company, and your employees against claims made by disgruntled ex-employees.

Furthermore, this is one of those policies that many business owners think they shouldn’t get and that it’s a waste of money.  Well if that isn’t the furthest thing from the truth! Just look at the following statistics below and you’ll see why we encourage businesses not only within the state of Connecticut, but throughout the country to consider EPLI coverage for their company.

• In 2008, the Equal Employment Opportunity Commission had a backlog of over 100,000 discrimination complaints and the average complaint took more than a year to handle.
• In 2009 over 12,000 complaints of sexual harassment were filed.
• Settlements for cases exceeded $50 million, and the defense and lawyer costs were several times this number (https://www.eeoc.gov/eeoc/statistics/enforcement/ ).
• Average amount paid for out-of-court settlement=$40,000.
• Defense of the average EPLI case costs=over $45,000

The statistics are not only startling, but as history shows, a growing problem for not only corporate operations but smaller businesses as well.

For more statistics, please visit TotalHRManagement.com

Our staff at Paradiso Insurance is ready to help you with further questions and decide if EPLI insurance is right for you and your business.  Our phone number is (860) 684-5270