Hiring the wrong Employee for your Business can cost you over $17,000. You might think that’s not an overly huge number, but that $17,000 only accounts for lower productivity and waste of your training resources and time. What about the real cost of a disgruntled and ultimately, poor employee? What if you are served with an Employment-related lawsuit? How damaging would the costs from that lawsuit be for your business? You may be under the impression these types of lawsuits are rare or only occur at Fortune 500 companies with thousands of employees. However, it only takes one bad apple to spoil the bunch. Real facts you need to be aware of: • Three out of five employers will be sued by an employee at some point • The cost to defend an employment-related matter for a small to midsize business can be upwards of $125,000. • The $125,000 does not even take into account the cost of a settlement or a jury verdict, which can be substantial. Now, if your business can afford to defend itself in an employment-related lawsuit and pay these sums of money out of your own pocket, then more power to you. However, if your business cannot afford it, just one employment-related lawsuit can have devastating effects on your bottom line. Fortunately, there is an insurance solution called Employment Practices Liability (EPL) insurance that protects your business against claims, including but not limited to, wrongful termination, discrimination (age, sex, disability, etc.) or sexual harassment from your current, prospective or former employees. Why Choose Employment Practices Liability Insurance? From the time you pick up the phone to contact your next potential hire to the moment you conduct their exit interview, you are vulnerable to an employment-related lawsuit. While many employment-related lawsuits are meritless, defending against them is costly, time-consuming and frustrating. Employment Practices Liability policies have the capability to protect your business from lawsuits based on: • Sexual Harassment • Discrimination based on age, race, gender, marital status, disability, to name a few. • Actual or alleged wrongful termination • Employment-related misrepresentation • Libel and Slander • Wrongful failure to employ • Wrongful demotion or negligent performance evaluation • Wrongful discipline • Vicarious liability for intentional acts Additionally, many employment practices liability policies also offer: • HR assistance and risk-management consultation • Coverage for defense costs outside the policy limits • Third-party liability coverage • Coverage for claims alleging wage and hour violations How do You Get the Coverage you need? The level of coverage for your business is based on your individual operations and can vary depending on your range of exposure. MRG can tailor an employment practices liability policy to your specific business operations. As your business continues to grow, you need to make sure your insurance continues to grow with it. MRG is a Construction Industry Risk Specialist insurance broker and we can help you analyze your needs and make the right coverage decisions to protect your operations from unnecessary risk. Click here for a quote online (hyperlink) Or Call Us today for a consultation over the phone at (phone number)