After your BOP, Employment Practices Liability Insurance (EPLI) is one of the most important commercial insurance policies you will ever purchase.
Along with worker’s comp, liquor liability coverage, and commercial auto, EPLI insurance is an essential addition to any business looking to build a comprehensive portfolio of coverage.
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You may have seen attorney commercials on TV talking about workers compensation claims. Maybe you know someone who was injured on the job and needed to be on desk duty until their foot healed.
Or maybe, most importantly, you’re starting a business and need to purchase workers comp insurance for yourself.
But what is workers compensation insurance, exactly? And do you really need it?
Owning a restaurant is a dream you’ve held for years and now it’s coming true! You’ve thought about your menu, seating options, even your logo, but have you thought about restaurant insurance?
Between your inventory, customers, and the business itself, restaurants carry a large amount of risk. But your pizza parlor, bakery, or cafe is also your livelihood. Is that a risk you’re willing to take? Having the right restaurant insurance policy can prevent you from having to kiss your dream goodbye.
So let’s take a look at 9 essential types of restaurant insurance that will keep you in business for years to come.
Q. What is Employment Practices Liability Insurance?
A. Employment Practices Liability Insurance (EPLI) is a critical form of protection that all businesses need to have. Like worker’s compensation, it does not matter if a company has 1 part-time employee or 1,000 full-time employees; this coverage is paramount. EPLI primarily provides legal defense against claims of improper employer behavior (hiring/firing practices, discipline, harassment in the workplace) and it can sometimes provide coverage for accusations of improper tabulation of hours and payment of wages, as well as third-party (i.e. customer) harassment claims. While illegal and intentional acts are never insurable, the cost of defending such claims can be into the hundreds of thousands of dollars. Employment Practices Liability Insurance policy premiums are incredibly small compared to the potential legal fees that an honest employer may have to pay to defend accusations (whether true or not) made by a disgruntled employee.
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