Even if you draft airtight employment policies and provide expert training, your company could still end up among the increasing number of businesses facing an employee lawsuit or administrative claim. That's why it's wise to take a fresh look at your insurance coverage.
The number of employers that purchased employment practices liability insurance (EPLI) soared in the late 1990s. From 1997 to 1999, the percentage of companies with EPLI jumped from 22 percent to 29 percent, according to a Society for Human Resourcestudy. Today, an estimated 70 percent of Fortune 500 companies have EPLI.
Why the spark in interest? Employee lawsuits continue to soar, prompting insurance companies to expand their offerings.
Plus, you had only five EPLI carriers to choose from a decade ago. Today, there are about 60 or 70, according to an insurance market survey by Betterley Risk Consultants Inc. (For an October 2000 report on t...(register to read more)
- How to Fire an Employee the Legal Way: 6 Termination Guidelines
- 10 Secrets to an Effective Performance Review
- Small Business Tax Deduction Strategies
- Celebrate wins, but don't pick winners
- No witness needed for disciplinary meeting
- You can force civility, but not friendship
- Use these tactics to heat up your team