Do I Need Employment Practices Liability Insurance (EPLI)?
If you are a business owner who has employees, then you need to strongly consider Employment Practices Liability Insurance (EPLI). EPLI covers you in case an employee files suit against you for various reasons. Those reasons include, but are not limited to:
Stand alone EPLI coverage vs. attached EPLI coverage
When you compare the coverages between a stand alone EPLI policy and EPLI endorsement coverage attached to a Business Owners Policy, there is no comparison! Stand alone EPLI coverage offers more coverage at much higher limits:
Attached EPLI policies usually max out around $25,000, while stand alone EPLI coverage offers much higher limits (usually 2 Million).
Stand alone EPLI coverage offers "defense outside of limits", which means that legal fees don't count against the level of liability you have chosen. This option is optional for stand alone coverage, but usually not offered at all for attached coverage.
Third Party Coverage is usually only available with stand alone coverage. In many cases, lawsuits result from a third party in which the owner of the business has no association with.
Stand alone EPLI policies generally provide much broader coverage as far as what is covered and what is not.
If you have any questions about stand alone EPLI policies, feel free to give me a call at 740-574-2618, and I will be happy to answer any of your questions.
If you live in Ohio, Michigan, Pennsylvania, Indiana, Virginia or West Virginia, I will be happy to run you a quote with my agency. I handle all quotes personally and privately. I do not share or sell you information with anyone.
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..