Large and small, all businesses have risks of claims relating to employment practices. Employment Practices Liability Insurance can help.
No business owner wants to think about their own team committing employee fraud. Unfortunately, this does happen, and often right under the business owner's nose. Part of keeping your team running effectively means mitigating employee fraud and employment practices risks. When employees sue, it's typically over liability, race discrimination, and sexual harassment.
Many small businesses don't have the time, or the resources, to properly document employment decisions related to hiring, performance reviews, terminations, and more. As a result, the business is left exposed.
As a business owner, it's important that you make sure to follow all legal guidelines surrounding employment practices. Buying a business insurance policy with employment practices liability coverage is a smart way to protect yourself financially when the unexpected happens. Should an employee or contractor sue you, your insurance will take effect to cover expenses, fees, and defense.
Employment practices liability insurance can protect your business against the following claims:
- Discrimination
- Sexual harassment
- Negligent evaluation
- Wrongful discipline
- Unpaid interns
- Unlawful infliction of emotional distress
- Mismanagement of employee benefits plans
Additionally, it's important to protect your business from employee fraud. This can come in the form of stealing cash, business, or wasting business time. You can stay on top of this by using these tips:
- Do not let one person handle checks, cash, and deposits.
- Encourage your employees to be open about troubles at home and concerns in the office.
- Set out a clear schedule of their weeks and clarify expectations.
- Keep track of the staff members handling cash if there continue to be losses.
Don't let certain protections for your business fall by the wayside.
Contact Little & Sons Insurance Services to sort out your
business insurance policies today.
