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Small Business Employment Practices Liability Insight | Aka Wrongful Dismissal Insurance
In recent years, 1/3rd of employers have experienced an employment related allegation according to research. Human resources best practices are an important way to mitigate risk. However, thousands of harassment charges are filed each year and the cost of resolving employment related lawsuits total in the millions. While some suits are groundless, the time and cost of defence are just the tip of the iceberg. A single suit can have a lasting negative impact on employee morale as well as the public reputation of any small business. This is why getting liability insurance for small business is an essential risk management tool.
What Will Small Business Employment Practices Liability Insurance Cover?
Small business employment practices liability insurance or EPL coverage can be specifically designed to respond your unique employment exposures, such as:
- Actual or alleged wrongful or constructive dismissal, discipline, discharge or termination
- Breach of oral or written employment contract
- Employment-related misrepresentation, libel, slander, humiliation, defamation or invasion of privacy
- Invasion of privacy
- Sexual harassment
- Wrongful deprivation of a career opportunity, wrongful demotion or negligent evaluation
- Vicarious liability for intentional acts
- Punitive damages where insurable by law
How To Manage EPL Risks For A Small Business
Well-organized and credible documentation in conjunction with human resources best practices can demonstrate fair treatment, deter litigation, ensure employee honesty, and, in the event that a lawsuit is filed, help with defence costs for your small business. Together with small business employment practices liability insurance, you can:
- Cover all employees of a small business including directors and officers as well as potentially extending coverage to third party liabilities
- Protect against wrongful termination, discrimination (age, sex, race, disability, etc.) or sexual harassment suits from your current, prospective or former small business employees
EPL or employment practices liability insurance is also frequently part of either a management liability package policy or a directors and officers insurance policy. EPL is available as a stand-alone coverage.
Employment practice liability works hand-in-hand with your human resources practices to provide the necessary resources to defend your small business against a suit or to pay a claim.
ALIGNED Small Business Employment Practices Liability Insurance | 1-866-287-0448
Across Canada, our small business insurance brokers can help ensure you have the best small business insurance, including employment practices liability coverage. Talk to us about the best EPL insurance solutions. Uniquely within the industry, we create, negotiate and deliver the best business insurance and risk management strategies/solutions to Canadian small business.
We can help you get quotes for small business insurance and employment practices liability coverage today. 100% Canadian owned, we serve more than 1,400 clients across the country through offices in Toronto, Calgary and Vancouver and a national operations centre in Waterloo, Ontario.