If you have any type of business that has employees, Employee benefit liability insurance is becoming a must have for business owners.
In fact, the way state and federal regulations are likely to impact employee benefit plans, the specialists consider it a smart way to protect against acts that could result in a lawsuit due to employment practices mistakes.
There are two key components to keep in mind when considering employee benefit liability coverage. They are the “administration” side and the “employee benefit program.” The administration side provides protection for the counsel and interpretation of benefits, record handling, enrollment, termination, cancellation and other administrative duties connected to the employee benefit program. The employee benefit portion pertains directly to the benefits provided to employees, including life insurance, health insurance, pension plans, stock options and other benefits.
Should a business do something that ends in a loss or claim from an employee, former employee, family member or beneficiary then the policy would take appropriate steps to represent the company or pay the claim in the event of an adverse ruling.
It is essential for business owners to fully understand - and implement - a proper administrative procedure to handle employee benefit plans. It is equally important to remember that employee benefit liability insurance does not take the place of fiduciary liability coverage. find out from your agent how to best protect your business with employee benefit liability insurance in combination with existing coverage options.
In many cases if you are a small business, you can have EPLI coverage added to your BOP... depending on your type of business you may have to purchase it separately. Premiums are usually calculated based on type of business, number of employees, and payroll amounts. Every company has a little bit of a different rating method.
In fact, the way state and federal regulations are likely to impact employee benefit plans, the specialists consider it a smart way to protect against acts that could result in a lawsuit due to employment practices mistakes.
There are two key components to keep in mind when considering employee benefit liability coverage. They are the “administration” side and the “employee benefit program.” The administration side provides protection for the counsel and interpretation of benefits, record handling, enrollment, termination, cancellation and other administrative duties connected to the employee benefit program. The employee benefit portion pertains directly to the benefits provided to employees, including life insurance, health insurance, pension plans, stock options and other benefits.
Should a business do something that ends in a loss or claim from an employee, former employee, family member or beneficiary then the policy would take appropriate steps to represent the company or pay the claim in the event of an adverse ruling.
It is essential for business owners to fully understand - and implement - a proper administrative procedure to handle employee benefit plans. It is equally important to remember that employee benefit liability insurance does not take the place of fiduciary liability coverage. find out from your agent how to best protect your business with employee benefit liability insurance in combination with existing coverage options.
In many cases if you are a small business, you can have EPLI coverage added to your BOP... depending on your type of business you may have to purchase it separately. Premiums are usually calculated based on type of business, number of employees, and payroll amounts. Every company has a little bit of a different rating method.
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