Without employment liability insurance, you may be leaving your business vulnerable. As common as lawsuits are in the business world, you need adequate coverage. Here is what you need to know about employment practices liability.
Business Suits Are Common
No one wants to hear that an employee might sue a business. However, you need to know that a company is more likely to suffer a lawsuit on behalf of an employee than it is to deal with a fire. In fact, it is three times more likely!
Business Lawsuits Take Time
It takes up to two years for a resolution to come about from a lawsuit. This means that you have to spend a lot of time and money on a claim. In order to avoid spending it all out of pocket, insurance helps.
Small Business Suffer Suits Too
The truth is that almost half of all business lawsuits by employees are towards companies with less than 100 employees. This means that small businesses are just as likely to be sued as larger corporations are.
Employee liability insurance is a must-have for every business. When it comes to claims against your company, it costs a lot of money and takes a lot of time to fight it. You need to have the protection to keep your business afloat throughout the process.