No matter what type of business you own or manage, you will have employees. With those employees, come risk exposures. While the only fool-proof way to financially protect your business against any legal claims is with a Brooklyn business insurance policy, it still pays to know what your Brooklyn Employment Practices Liability (EPL) risks are. Understanding your risks is the first step you can take to potentially prevent incidences from occurring and mitigating your losses.
Most EPL cases, which can include wrongful discharge claims, discrimination, personal injury, sexual harassment and more, that occur could have potentially been avoided if the business had taken measures to develop sound personnel policies, reduce their exposures to risks, and improve their employee relations. Improving employee relations can start with establishing clear lines of communication, putting fair employee policies in place, and creating a system for monitoring any legislative changes involving employment practices liability.
Depending on the size and type of your business, the financial impact of a typical claim can be a significant loss. In addition to the expense of litigation and compensatory damages, these claims could involve punitive damages totaling two or three times the amount of the compensatory award. Even if your business is innocent of any wrongdoing, you can still be sued, and the defense costs can be staggering.
So, what can you to do shield your business from EPL claims? First off, you should educate yourself and your staff concerning the types of claims that fall under EPL, know the federal and state laws that are involved, and tailor your employment practices accordingly. It’s also important to assess your exposure to risk, based on your businesses current employment practices. Basically, a Brooklyn Employment Practices Liability insurance policy can cover identified and even unforeseen risks for your business.
Tri-State Insurance Agency has been providing businesses throughout the major counties in Pennsylvania, northern New Jersey and neighboring New York with a complete portfolio of Brooklyn Business Insurance Products for more than 65 years. We are licensed in 27 states and represent numerous insurance companies. Please contact us today to learn what we can do for your business, at (888) 990-0526.