- In 1997 there were over 80,000 individuals field charges of employment discrimination against their employers with the federal Equal Employment Opportunity Commission (EEOC)
- Age Discrimination claims are on the rise as companies are able to more quickly cut costs by termination an experienced employee earning more than a younger, less experienced employee.
- Small to midsize companies are particularly at risk to employment practices related claims since they often lack the resources available in a larger corporation. It is difficult to stay current with changes in employment law, let alone develop, implement and maintain procedures to ensure compliance with regulations.
- Even firms with the strongest policies and procedures are subject to claims and have to defend frivolous suits. Defense costs alone may exceed $250,000 for any lawsuit and may take years to resolve.
- No company bears the risk of fire, theft or customer injury without the protection of insurance. Yet, it is far more likely that a company will face an employee lawsuit than the devastating effects of a fire.
- Over fifty percent of all litigation against corporations today involves employee disputes, and the typical expense of such lawsuits exceeds $250,000 in judgments, costs and attorneys’ fees.
Employment Practices Liability Insurance from BISYS EPLI Program, backed by ACE USA, offers a way for employers to shift the risk.
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