Commercial insurance is a broad category with many types of protection that businesses should consider. One kind of commercial insurance that might be overlooked when thinking about business operations is employment practices liability insurance.
Consult with your agent at Cary-Wheeler & Associates Inc. in Richmond, VA, to understand how this type of insurance may help manage risks of things like claims involving wrongful termination, discrimination, harassment, retaliation, and other employment-related allegations.
Small Businesses at Risk
If you own a small business, you may not have the resources to support an extensive human relations department to help monitor employment practices and ensure your policies and procedures are in compliance with discrimination and other related laws.
Employer Liability for the Behavior of Employees
The regulatory burden on small businesses in America is extensive. Yet, the liability exposure is real. One serious problem is that a company may be financially exposed by the behavior of employees in a supervisory capacity.
The business owner may not be aware of what is happening between employees. Or worse, the company may condone the behavior of bad personnel due to the perceived financial value of the key employee in spite of that employee’s behavior.
Compliance and Documentation
Insurance is not supposed to be the first line of defense against the risk of problems. Well-designed codes of conduct and company policies can help mitigate some of this risk. Documentation of incidents that may cause problems helps provide evidence in support of the company’s position.
Having employment practices liability insurance is helpful when things go wrong and to fight off false claims as well. If you don’t carry this kind of insurance, it is worth considering.
Reach out to us at Cary-Wheeler & Associates Inc. in Richmond, VA, for all your commercial insurance needs.