August 16, 2021 – Wrongful termination lawsuits have increased at an exponential rate over the past decade. Coupled with allegations like harassment, retaliation and discrimination claims, these lawsuits often leave employers with an exorbitant 6-figure $$$ compensation burden. In that light, El Dorado Insurance has recently commenced to extend Employee Practices Liability Coverage for the security industry, including Private Investigator, Security Guard, and Alarm Installer businesses.
Employment Practices Liability Insurance is an insurance policy that offers protection to employers from wrongful termination lawsuits.
“We are pleased to announce that we are now extending the Employment Practices Liability Insurance Policy for businesses operating in the security industry. The EPLI policy is specifically designed to cover for employers when they find themselves subjected to hefty wrongful termination lawsuits”, stated the leading spokesperson from El Dorado Insurance.
The spokesperson stressed that in the contemporary litigious environment, mere compliance with employment laws, advanced employee training and documentation would not be enough to eliminate the lofty financial consequences of a wrongful termination lawsuit. Even in cases where an employer has done no wrong, the cost to defend himself/herself can exceed $100,000.
“Wrongful termination lawsuits, along with sexual harassment, retaliation, and discrimination claims, can cost employers up to a whopping 6-figure amount, if not more. Unfortunately, the rate of wrongful termination lawsuits have risen to an alarming rate over the last decade and more so since last year given massive downsizing followed by several companies. Worse, at times the employers might not be at fault and could possibly be a victim of a twisted lawsuit. This is where Employment Practices Liability Insurance Policy will come to their rescue.”
El Dorado Insurance is backed by a vast network of insurance carriers that are offering the Employment Practices Liability Insurance for businesses across the USA. However, the spokesperson noted that the EPLI policy coverage can vary from one carrier to another and might feature varying terms and conditions. Businesses should run a comparative study and study the different terms and conditions offered by various insurance carriers before signing up for their EPLI coverage.
“Security businesses often need to hire part-time, temporary, and contractual employees. However, not all EPLI policies around would provide coverage for seasonal or temporary hires. Thus, before you sign up with an EPLI policy provider you must check out whether or not your chosen career is flexible to provide coverage for your industry-specific type of hires.”
Also, since third-party lawsuits are on rise in the security industry, El Dorado has advised security businesses to find EPLI policy carriers who would also provide coverage for these additional lawsuit risks.
About El Dorado Insurance
A renowned name in the American commercial insurance industry, El Dorado Insurance has been the most trusted leader in the small business insurance space for 50+ years now. The company boasts a strong and vast network of top general liability insurance companies that enables it to support businesses with a wide range of coverage options. El Dorado Insurance mostly caters to businesses operating in the security industry.
For more information, please visit https://www.eldoradoinsurance.com/security-industry-news/employment-practices-liability-coverage
Company Name: El Dorado Insurance
Contact Person: Andy Ring
Email: Send Email
Address:3673 Westcenter Dr
Country: United States