Protecting Your Contracting Business: The Power of Employment Practices Liability Insurance (EPLI)

In the world of contracting, every day is an intricate dance of coordination, deadlines, and skilled craftsmanship. As a contractor, you’re no stranger to the challenges and risks that come with the territory. While you meticulously plan each project, there’s one aspect you might not have considered essential—employment practices liability insurance (EPLI). In this blog post, we’ll explore how EPLI can be a game-changer for contractors, dispel a common myth, and reveal some eye-opening facts.

EPLI for Contractors: A Safety Net for Your Business

Employment practices liability insurance, or EPLI for short, is a specialized type of insurance coverage designed to protect businesses, including contractors, from employee-related claims. These claims can range from allegations of discrimination and wrongful termination to harassment and breach of employment contract. While you may think your small contracting business is immune to such issues, the reality can be quite different.

Myth Buster: Contractors Don’t Need EPLI

Fact: According to data from the Insurance Information Institute, 41% of EPLI claims are filed against small businesses. This statistic shatters the myth that contractors can do without EPLI. Regardless of the size of your operation, you could find yourself facing costly legal battles without proper protection.

EPLI Stats: Why Contractors Need It

Still not convinced? Let’s delve deeper into why EPLI is indispensable for contractors:

  1. Cost Savings: EPLI can reduce legal costs significantly. On average, it slashes legal expenses by a whopping 41%. Instead of draining your financial resources on lawyers, you can invest in the growth and success of your contracting business.
  2. Defense and Settlement Coverage: EPLI can cover up to 60% of the cost of defending against and settling employee-related claims. This substantial financial support can be a lifesaver in case of a lawsuit.
  3. Protection Against Wrongful Termination Claims: EPLI is particularly crucial in protecting against wrongful termination claims, which account for a significant portion of EPLI claims. Don’t leave your business exposed to this risk.

Secure Your Business Today!

In the fast-paced world of contracting, the unexpected can happen. Whether it’s a misunderstanding, a disgruntled employee, or a legitimate claim, EPLI is your safety net. Don’t let myths about its affordability or necessity deter you from securing your business.

For more information and to get a personalized EPLI quote for your contracting business, contact Monreal Insurance Solutions at (909) 757-1311 or click the link in our bio. Protect your business, protect your future!

Remember, in the world of contracting, proactive measures like EPLI can make all the difference between a thriving business and a costly legal battle. Don’t take chances; invest in the protection and longevity of your contracting enterprise today.