Why You Need Employment Practice Liability Insurance

What will you do if you get sued by an employee? At Nielsen Professional Insurance, Inc., we recommend that all businesses have coverage to protect themselves against any claims from employees alleging discrimination, harassment, wrongful termination, failure to promote, or other employment-related issues. While most large companies have substantial Employment Practices Liability Insurance coverage to protect themselves from an employment lawsuit, many small or new businesses don’t – and they are often the companies most vulnerable to an employment claim. Most of these businesses don’t have a legal department to defend them or in many cases even an employee handbook to detail the policies and procedures that are used for hiring, terminating and promoting employees. This leaves them open to potential lawsuits.

What Does Employment Practice Liability Insurance Provide?

First and foremost, Employment Practices Liability Insurance gives you peace of mind. As soon as you decide to hire employees, you need coverage. This is because new employees pose an extremely high liability risk that begins the moment you interview them. If you choose not to hire an applicant, that individual could allege discrimination based on factors including age, sex, race, or disability. And if you do hire that person, but then later fire them, he or she may decide to claim wrongful termination. Even if the claim is groundless, you are left with legal fees and the stress of battling them in court – unless you have Employment Practices Liability Insurance.

This insurance provides coverage for you and your company against all claims made by current, former, or potential employees. Claims you are protected from include those alleging discrimination, and they also cover claims of wrongful termination, harassment, and other employment issues, including breach of contract and even failure to get a promotion.

Employment Practices Liability Insurance simply makes sense for employers in both small and medium-sized businesses. Nielsen Professional Insurance, Inc. is a family-owned and operated company that offers you over 25 years of experience in helping clients choose just the right coverage to provide them with the peace of mind they need to succeed in their line of business. To get started, just call us at (877) 856-9231 or submit your information online for a customized quote today.

Minimize Business Insurance Costs Without Cutting Corners

business insurance planning cost cutting

Cutting costs is important for businesses in today’s economy, but no one wants to save by putting themselves at risk. At Nielsen Professional Insurance, Inc., we take the time realistically assess your needs, so that we can recommend the best, most affordable business insurance for your particular company. And we offer you these suggestions to save you money – without cutting any corners.

Tips To Minimize Your Business Insurance Costs

1. Raise Your Deductible

This may just be the easiest way to lower your business insurance cost. Choosing a higher deductible means you’ll pay less in premiums – but make sure that the deductible you choose is an amount that you are able to pay if the need ever arises.

2. Cut Out Unnecessary Coverage

Not all companies are the same, and there is no one-size-fits-all business insurance policy. An estate planning company like Elville and Associates will not need the same coverage as a business coach like Jump Stone International.  Make sure that you carefully consider exactly what coverages you do – and don’t – need. Get an estimate for the individual coverages that are necessary, and if you are considering a package deal, make sure it’s actually going to save you money.

3. Consider an Insurance Package

If you do need multiple types of insurance coverage like a pest control company does, a Business Owner Policy may be less expensive than buying individual policies. By packaging your liability and property insurance together, you often pay less in total.

3. Check for Overlap

Remember when everyone thought they had to pay for rental car insurance? Then, automobile insurance companies started including it as part of their regular coverage – and now you don’t need. Of course, some people pay anyway – often because they fail to read the fine print on their own auto policy. Make sure you read each of your insurance policies’ coverage terms carefully to check for any duplication or overlap of benefits that can be eliminated.

5. Reduce Your Risk

The higher your risk, the more you pay for coverage. Talk with your agent about what you can do to prevent losses. You may be able to reduce your risk with simple steps such as a disaster preparation plan, theft-prevention program, human resources training, or added workplace safety measures. Less risk means your insurer may reduce your rates.

6. Get a Free Quote

A quote lets you can see what your business insurance will cost with a company before you buy. Finding an agent who knows about the different markets, the various carriers and even the underwriters enables them to find the best coverage for your business at the best price.

Nielsen Professional Insurance, Inc. offers business insurance from many of the strongest insurance and asset management organizations in the world. To find out how we can help you minimize your business insurance costs, call us at (877) 856-9231 or submit your information online today.