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Lawsuits are expensive, even when you win the costs of defense can be very high.As reported at the website Agents and Broker,
"Workplace discrimination claims are at an all-time high, and small-business owners feel vulnerable.
With a difficult economy and new employment laws making charges and lawsuits more likely, employment practices liability insurance is evolving from a high-priced option to an affordable necessity for smaller companies.
A recent survey of small-business owners conducted for Hartford Steam Boiler found that 66 percent were concerned their employees would file an employment-related charge against them.
At the same time, a recent industry study by MarketStance in Middletown, Conn., indicates that only 1.1 percent of small businesses have purchased EPL insurance.
One of the advantages of purchasing EPL, employment practices liability insurance, is that the insurer has a duty to defend, even when the insurer is not going to indemnify you - pay the legal damages.
The cost of defending even an ordinary employment lawsuit could run well over $100,000, which is beyond the reach of most small business owners.
One possible solution is to purchase EPL at an affordable rate, which will give you the piece of mind that should you be sued even for a frivolous claim, your insurer will have to defend you.
All will be well, until of course the insurance has to be renewed.
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