Getting the right employment practices liability coverage Houston, TX might be your saving grace after a bad decision. Texas Insurance Agency can assess your business assets and practices to ensure you have the right insurance to protect your bottom line. Depending on your field, niche, or industry, you might need various insurance plans to cover everything properly. Call our office to learn more about the right coverage for you, or get a free quote!
What is employment practices liability coverage?
Employment Practices Liability Coverage is a type of insurance that protects companies from lawsuits from workers who say they were discriminated against, fired unfairly, breached a contract, or had other problems at work. Usually, this coverage pays for the defense of a business in court as well as any settlements or judgments that come from these cases. It protects the business, its leaders, and workers, both present and past. This kind of insurance can protect businesses from losing a lot of money because a staff member sues them.
Do I need this type of insurance?
This insurance coverage is something that businesses of all kinds, from small startups to big companies, need because they could be sued over employment practices. This includes a wide range of companies, such as those in retail, industry, healthcare, technology, education, non-profits, and more. It’s especially suggested for businesses that already have employees, are looking to hire soon, or maybe more at risk because of the way they do business or hire people.
Texas Insurance Agency can help you figure out if this type of business insurance is the right one for you. Learn more about your options when you contact our office. We partner with various insurance companies to provide our clients with many affordable options. Protect your business by buying the right insurance coverage for you.
Benefits of Employment Practices Liability Coverage Houston, TX
Not every business needs this kind of coverage. You’ll want to assess your business practices and other incidents in your industry before buying. However, if your research finds that others often use this coverage in your field, you may also benefit from it. Coverage for employment practices liability helps businesses in a number of ways, including:
- It financially protects companies from lawsuits that might happen because of problems at work by paying for their legal defense, court fees, and any settlements or judgments that happen.
- It helps companies handle risks better by lowering the possible financial costs of lawsuits linked to incidents covered in the policy.
- It helps a company keep its good name. Lawsuits over job issues can hurt a company’s reputation, but insurance can help lessen this effect.
- It gives companies peace of mind because they know they are protected from the risk of lawsuits.
- Giving employees a safe, insured place to work can help managers find and keep good staff members because it shows how seriously the company takes fair employment practices.
- Many policies have tools to help employers stay up to date on rules and regulations, which lowers the risk of lawsuits.
- It gives you access to lawyers who specialize in hiring practices law and their advice. Small businesses that don’t have their own law team on-site may find this very helpful.
- Some insurance companies offer training resources to help employers follow best practices to stay out of hiring practices lawsuits.
- You can add on to your policy, which gives you the freedom to make it fit the wants of your business.
- It covers more than just the company. It covers the directors and officers of the company as well as current and past employees.
- If an employer loses a case, the insurance company will pay the settlement plus the legal fees up to the limits set by the policy. This keeps the business from losing a lot of money.
Keep in mind that the details of coverage may change depending on the company you choose and the insurance you buy. And because of this, companies should always carefully read a policy before agreeing to it. Texas Insurance Agency can help you figure out which specific policy is the best one for you.
Other Types of Liability Insurance You May Need
Of course, employment practices liability coverage is only one type of insurance plan you can buy. If you want to protect your business, you’ll want several plans that complement each other. Together, these plans will cover all of your bases and protect your bottom line in almost every situation. We can help you build an insurance wall that protects everything you want to cover.
If you’re looking into employment practices liability coverage, you may want a few other options that go well with it. We can suggest a few plans that will ensure your finances are secure in case of a lawsuit or incident. A business may also need the following types of insurance:
- General Liability Insurance: This type of insurance can pay for court fees and damages if a business is sued for things like damage to property, injuries to people, or false advertising (like slander and libel).
- Directors and Officers (D&O) Insurance: This insurance protects directors and officers from claims made against them while they are on the board of directors or as an officer.
- Workers’ Compensation Insurance: This is needed by law in most states and helps pay for workers who get hurt or sick on the job.
Different businesses may need different types of commercial liability insurance depending on how they run, the field they’re in, and the risks they might face. Not every business needs every kind of insurance, but most of the time, it’s best to have a mix of a few of them.
Let’s Get You What You Need Today
Texas Insurance Agency has everything you need to succeed. All you have to do is call our office to schedule a meeting today. Our Houston office can set everything up by the time you meet our experts. So, let’s get you the employment practices liability coverage as soon as possible.
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