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
Search All Blogs
Read More Blogs
Unwrapping the Wiener: A Deep Dive into the History and Lore of the Hot Dog
Beyond the bun: Discover the surprising history, varieties, and enduring appeal of America’s favorite tubular treat.
The Untapped Power of Collaboration: Why Asking for Help Fuels Business Success
Stop going it alone! Discover how leveraging the expertise of others can relieve pressure and drive your business forward.
Navigating the Grandparenting Journey: Understanding Today’s Families
Grandparenting today: Learn key shifts in family dynamics to build stronger connections with your children and grandchildren.
Mapping Our Paths: The Fascinating Reasons Behind Our Road Networks
The story behind the asphalt: Explore the geographical, historical, and planning influences that shaped our modern road systems.
Neighborly Navigations: Resolving Disputes in Non-HOA Communities
No HOA, no problem? Learn how to navigate neighborly disputes effectively in communities without formal management.
Vintage Years of Vision: Four Times Hollywood Hit Cinematic Gold
Like fine wines, certain years in film history stand out for their exceptional quality and the enduring impact of the movies they produced. This article explores four such landmark years, presented chronologically, that many cinephiles consider to be among the greatest in cinematic history.
Green Means Growth: How Environmental Responsibility Can Boost Your Business
It might seem like a secondary concern when facing immediate business challenges, but embracing environmentally friendly practices can actually be a powerful strategy for improving sales, attracting top talent, strengthening your brand, and even saving money. This article explores the tangible benefits of going green for your company’s bottom line and long-term success.
The Forgotten Beauty: Unearthing the Story of the Volkswagen Karmann Ghia
Beyond the iconic Beetle and the groovy Microbus, Volkswagen produced a surprisingly elegant and often overlooked sports car: the Karmann Ghia. This article explores the history, design, and enduring appeal of this “poor man’s sportscar” that has become a sought-after collectible.
Peace of Mind at Home: Building Your Essential Supply Stockpile
Recent global events have highlighted the importance of being prepared for the unexpected. This article outlines key non-perishable food items and essential household supplies that every homeowner should keep on hand to ensure comfort, security, and resilience during unforeseen circumstances.
Faded Glory: Remembering the Sports That Once Ruled Our World
Remember when these sports were huge? Take a trip down memory lane with harness racing, bowling, boxing, and poker, and explore their shift in popularity.