If you run a business and have employees this coverage is essential! Wrongful terminations claims are increasing as more employees dissatisfied with the terms of their firing or dismissal are choosing to take the matter up with their former employers in court. As more and more workers are laid off or terminated because of the current poor economic environment, these lawsuits are expected to increase. Employment practices liability insurance provides companies with coverage for claims that may arise as a result of a company’s employment practices. According to industry experts, the chance of a business facing an employment claim is much greater than that of it facing a general liability claim. These claims can be costly. The average out-of-court settlement for an employment practices case is about $40,000. If the case goes to court, the average award is $218,000, and nearly 10 percent of these cases can result in an award of more than $1 million. Legal fees are also quite expensive in these cases. The average cost of defending a wrongful termination or employment case is about $45,000. With the potential for big losses that employment-related suits pose, it’s no surprise that more and more employers are purchasing EPLI policies. CommentsLeave a Reply | AuthorWe hope you enjoy this page! ArchivesFebruary 2012 CategoriesAll  
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