Business Insurance and Your Employees

Business Insurance and Your Employees

Business-related insurance can impact your employees in multiple ways. Health and life insurance may be a part of your benefits package. They likely are covered for work-related injuries through Worker’s Compensation Insurance and you probably contribute to unemployment insurance for them.

Most employers view their employees as valued assets and want to do everything possible to make sure their staff is properly covered when it comes to business-related activities. There are, however, instances when you may need to be protected FROM your employees. Here are several instances where your employees may cost you, and how business insurance can help.

An employee may sue you for discrimination or other employment-related activities. If an employee feels they have been discriminated due to their age, sex, or race, for example, they potentially could take you to court. This not only happens in the hiring process but when being passed over for a promotion. Employees can take employers to court for wrongful termination or harassment as well. Small and mid-size businesses may be particularly vulnerable for these types of legal actions because they may not have an extensive employee handbook or necessary legal resources. This is where Employment Practices Liability Insurance can help. EPLI can protect your company from the legal costs and financial penalties and even settlement expenses involved in such cases.

An employee causes property damage or injures someone. Some may not be aware that they can be held responsible should one of their employees harm someone else or cause damage to the property of another while conducting work for the company. Something as simple as an individual tripping over a hose or cable left unsecured by an employee can lead to significant expenses. The liability portion of your business insurance should be adequate enough to cover the actions of employees in such circumstances. Where professionals are involved, as in an accounting, financial services, legal or medical firms, Errors and Omissions insurance (E&O) can provide coverage for mistakes made in providing these related services.

Some business owners, especially small to mid-sized company owners, may feel this type of coverage is unnecessary. They may trust their employees or feel theirs is a close, tight-knit organization where such actions wouldn’t take place. These are risks that are unnecessary. Contact one of our business insurance professionals to discuss your company and your specific areas of risk. Allow them the opportunity to create a business insurance program to protect your company at the least possible cost.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

What You Should Know About Accidents on Private Property

Are car accidents on private property handled differently than those on public roadways and what are your obligations? Learn the answers in our article.

Why You May Be Paying More (or Less) Than Your Neighbor for Homeowner’s Insurance

There’s Much to Consider When Comparing Homeowners’ Insurance Rates with Your Neighbor

Memorable Big Game Halftime Shows

Halftime Shows from the NFL’s Championship Game You will Likely Remember

When “Oops, sorry” Isn’t Enough.

If your education, advice, and opinion negatively affects your clients you could be at risk of being sued. Errors and Omission coverage can help. Learn more about this valuable coverage today.

The Four Main Players in a Life Insurance Policy

Life Insurance Doesn’t have to Be Complicated. Here are the Four Parties Involved.

What You Should Know About Insuring a Classic Car

The Differences Between Traditional and Classic Car Insurance Rates

What Do You Collect?

Does Your Collection’s Value Exceed Your Homeowner’s Insurance Limits?

Popular Baby Names Through the Years

See How the Popularity of Boys and Girls Names Have Changed Over the Last 100 Years

Business Insurance and Your Employees

There Are Situations When Business Insurance Protects You FROM Your Employees

Foundations of Health Insurance

Knowing the Basics Can Help You Better Understand Health Insurance

Leave a Comment