Learn why your business needs employment practices liability insurance.
Everyone wants to save a bit of cash. As a small business owner, you must decide which insurance policies that your company needs most. General liability, commercial property, and workers’ compensation policies are a given. However, don’t underestimate some of the lesser known policies. They can help to protect your business from the unexpected. Don’t skimp on insuring your business and learn why you need employment practices liability insurance.
Workplace Injuries Aren’t the Only Thing Getting Businesses into Trouble.
It’s not uncommon for business owners to think that they’re adequately covered for workplace issues under their workers’ compensation coverage. However, workers’ compensation insurance only helps to protect against workplace injuries. Businesses can be strapped with a variety of different employee lawsuits. From sexual harassment to discrimination to mismanagement of benefits, there are lots of reasons why employees may sue. Ensure that your company is well protected with employment practices liability insurance.
Work Relationships Aren’t Always Professional.
Many businesses forego purchasing employment practices liability insurance, because they trust their employees. When it comes to small businesses, your employees feel like family. You develop friendships, and so there’s an overlap between personal and professional lives. Because of the more personal elements to your relationships, many small business owners decide against investing in purchasing employment practices liability insurance. However, this can come back to bite you. Never assume that your employees won’t sue just because you’re friends. Get the right coverage so that you’re well protected.
Use caution when it comes to keeping your business well protected. Choose the right commercial insurance policies, like employment practices liability coverage, so that you can keep your business as safe as can be. Contact the professionals at NorthStar Risk Management & Insurance Services, Inc. in Walnut Creek, California for all your commercial and personal insurance needs.