Every insurance policy has certain factors built into its cost structure. For employment practices liability insurance (EPLI), these factors may include the type of business, number of employees, location, length of time in business, and claims experience.
While several of the factors address your overall business, your claims experience can build the basis for the best possible premiums. What steps are you taking to minimize your potential for claims that drive up the cost of EPLI? Here are just a few risk management tips that could significantly lower your workplace EPLI loss exposure:
- Clear, concise job descriptions
- Proper hiring procedures
- Effectively accommodating disabilities
- Consistent, fair, and uniform management policies and procedures
- Initial and ongoing training for both employees and management
- Creating a respectful work environment
- Properly recognizing and rewarding performance
There are a multitude of details and actionable steps for each of the above, as well as other proven risk management processes for raising safety and lowering the chance of violations that could result in an EPLI claim. The Equal Employment Opportunity Commission (EEOC), your business trade associations, and your insurance agent are all valuable resources for advice and assistance.
Request a risk management review from your Brunswick Companies professional liability expert today by calling 800-686-8080.
Reprinted with permission from Selective Insurance Group, Inc. Brunswick Companies is an independent insurance agency representing only A Rated carriers. We value our carriers’ investments in research and proudly share their market insights.