As an energy business owner, you understand the importance of having a variety of insurance policies including coverage for different types of liabilities.
However, most business owners underestimate the benefits of protecting their energy business with Employment Practices Liability Insurance. Also known as EPLI, this is the insurance coverage that protects businesses and employers from employment related risks and the losses that may arise in case of a lawsuit.
Initially, EPLI was associated with large companies. With the increase in employment related lawsuits filed by current and former employees, now more than ever, all types of businesses need EPLI coverage to protect them from claims and lawsuits by potential, current and former disgruntled employees.
If you own an energy business in Texas, one of the essential liability insurance coverage your business needs is the Employment Practices Liability Insurance. It protects your energy business and you as the employer, from losses arising from the following workplace practices and employment risks:
• Breach of contract
• Harassment claims
• Deprivation of employment opportunity
• Violation of the Family Medical Leave Act
• Wrongful termination of employment
• Wrongful disciplining
• Negligent evaluation
• Unfair hiring practices • Wrongful failure to employ after an interview or promote
• Retaliation from disgruntled employees
• Discrimination by race, sex, disability, age, race, color, religion, nationality
• Negligent hiring, training, evaluation and supervision claims
• Violations of the Americans with Disabilities Act
Your business is exposed to these employment risks from the time you interview the first employee. For example if you interview a potential employee and fail to hire them, they could claim discrimination. If you hire them but decide to terminate their employment at a later date for any reason, they could claim wrongful termination and sue you.
Texas energy EPL insurance also protects you as the employer and your energy business from loses arising from sexual harassment claims.
Employment Practices Liability lawsuits are some of the most common types of liability lawsuits and they can devastate your business’s finances. Employees allege these issues and sue for monetary awards.
A seemingly insignificant claim can turn into a very big and expensive case taking a huge toll on the finances of your business. Litigation costs can be quite high. Most Texas energy liability insurance policies cover lost benefits, back pay and legal fees in case of a lawsuit.
It is important for you as an energy business owner in Texas to protect your energy business with Texas Employment Practices Liability Insurance.