10 Must-Know Facts About Employment Practices Liability Insurance

Since lawsuits are becoming increasingly more common in today’s society, it is especially important to have an employment practices liability insurance policy to ensure guaranteed protection of your business. Compiled is a list of 10 must-know facts regarding employment practices liability insurance from the professionals:

10 Must-Know Facts About Employment Practices Liability Insurance:

1. In April 2014, Hiscox released data stating that average American businesses with 10 or more employees are at a 12.5% risk of having an employment practices liability charge against the company.
2. Hiscox also announced that the places with the most risk for an employment practices liability claim are California, Illinois, Alabama, Mississippi, and the District of Columbia.
3. Hiscox also announced that the places with the least risk for employment practices liability claims include West Virginia, Massachusetts, Michigan, Washington, and Kentucky.
4. The Equal Employment Opportunity Commission Annual Report on the Federal Work Force Park 1 announced that fiscal-year 2011 received 16,974 claims of employment discrimination by 15,796 individuals.
5. Seyfarth Shaw LLP announced that there has been a noticeable escalating trend in wage and hour lawsuits for seven consecutive years.
6. The Federal Judicial Center announced that in a year’s period ending on March 31, 2013, 7,764 Fair Labor Standards Acts cases were filed.
7. The Federal Judicial Center also admitted that as of March 31, 2014, the amount of wage and hour lawsuits increased 4.7% with 8,126 lawsuits.
8. The Betterley Report’s December 2014 “Employment Practices Liability Market Survey” stated that employment practices liability insurance rates have risen 10%.
9. The Betterley Report also announced that the United States premium market of employment practices liability insurance totaled about $1.7 billion in a given year (2013).
10. The Betterley Report also announced that the United States, Bermuda, and London’s total capacity in the employment practices liability insurance market is worth $500 million, but is expected to rise to $800 million.

Our primary goal at Chivaroli & Associates is to service our clients based on their unique needs and restrictions. We provide you with personalized insurance services by developing a solid, long term relationship with you. You can rest assured knowing all of your insurance needs are in the right hands. Contact us today with any remaining questions regarding employment practices liability insurance. We are located in the beautiful Westlake Village, California and we are always available to tend to your business insurance needs.