Delaware Employment Practices Liability Insurance Policy Information
Delaware Employment Practices Liability Insurance. Also know as EPL or EPLI, is a policy which protects business owners from the potential liability which is posed by employees in the event of a lawsuit. The insurance policy protects from potential claims of sexual harassment, on the job discrimination, or if an employee claims they were improperly dismissed or disciplined, for any reason or another.
Due to the sheer fact that as a business owner, you are always under a potential threat where a disgruntled employee might attempt to sue you, or claim you were irresponsible in dealing with them (issues with termination or discipline such as suspending them), it is worth your while to consider purchasing a Delaware employment practices liability insurance policy to protect your business.
Delaware employment practices liability insurance protects your business from claims made by employees alleging discrimination with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
How Does An EPLI Policy Protect Your Company?
With your Delaware employment practices liability insurance policy you are basically covered in the event an employee or a former employee attempts to sue your business. Issues may stem from:
- Claims of sexual or other harassment claims.
- Termination where an employee claims they were unfairly terminated.
- Lawsuits stemming from on the job injuries or different worker comp claims.
- Wrongful termination and retaliation claims are also covered under your policy.
- Suits which may stem from an injury on the job (even if you are not at fault as the employer) where an employee claims you are at fault.
There are always possible lawsuits lingering around you as a business owner. For this very reason you have to know how to shield yourself from liability with the EPLI policy. This namely is the case when dealing with former employees or an employee who thinks they were unfairly treated for any reason.
Of course each Delaware employment practices liability insurance policy is going to differ based on the insurer you choose, as well as the level of coverage you choose to purchase. So as a DE business owner, you do have to understand EPLI policy terms, and level of coverage, in order to ensure you find the best price as well as the best coverage to fully protect your business and assets from the potential lawsuits from disgruntled current or former employees.
Do You Need A DE Employment Practices Liability Insurance Policy?
As is the case with nearly any other insurance policy other than workers compensation, you are not required by law to purchase Delaware employment practices liability insurance for your business. However, doing so is the only way to ensure you are covered, and are not going to pay out of pocket, in the event you are found liable of wrongful termination, or other claims an employee or former employee claims you are found guilty of.
It is important to know how much your deductible is, as well as what additional expenses you are going to incur with the different insurance companies offering this coverage, in order to ensure you make the right decision when the time comes to choose your policy.
Choosing The Best EPLI Policy
When you decide to invest in an EPLI policy, make sure you go through a reputable insurance provider. Sure you may pay less with an unknown insurer that a broker sells you up front, but when the time comes to pay off a claim or pay for legal fees, they might delay and make you wait to receive the claim payments. This will not be the case when you go through a reputable insurer and broker for the coverage you purchase to protect your business.
You have invested so much time and money to build your business; you do not want to run the risk of losing it all because a former disgruntled employee wants to sue you. With DE employment practices liability insurance in place, you are covered from claims which are made by former or current employees.
Delaware Economic Data & Commercial Insurance Regulations
For entrepreneurs who are thinking about starting up a business in Delaware, it is important to have an understanding of the state's economic outlook, as well as the regulations and limits regarding commercial insurance. With this information, you can determine if DE is, in fact, a wise location to start your business.
Below, we offer a brief overview of Delaware's economic status and the rules relating to commercial insurance.
Economic Trends For Businesses In The State Of Delaware
Delaware is home to more than 1 million businesses. This includes over half of all of the publicly traded companies in the United States, and 64 percent of the country's Fortune 500 companies. Delaware is such an appealing place for entrepreneurs because the state offers flexible corporate laws and a government that is very friendly to business owners.
The economic outlook of DE has become softer. As such, Delaware has moved down eight spots on the Forbes' Best States for Business list. The costs of operating a business are about 21 percent lower in Delaware than the national average. It is also one of the lowest ranking states in regard to labor costs. With that said, job growth is expected to reach .8 percent by the end of the 2019 calendar year. The unemployment rate is expected to remain lower than the national average, at an estimate 4.7 percent.
The industries that contribute the most to Delaware's economy include:
- Hotel & Hospitality
It is expected that these industries will continue to see growth, but there is a need for more skilled labor in these areas.
DE Commercial Insurance Regulations
The Delaware Department of Insurance regulates the insurance industry in DE. Commercial liability insurance, commonly referred to as general liability insurance, is the most common type of coverage that business owners carry. In the state of Delaware, business owners are not required to carry this type of coverage in order to operate. This state is considered a modified comparative fault state that has a negligence standard of 51 percent. The government does not put any caps on awards that are offered to those who file personal injury lawsuits against businesses in Delaware. As such, it is wise for business owners in this state to invest in commercial liability insurance, even though it isn't required.
Business owners are required to carry workers compensation in Delaware. This includes businesses that employee one or more hourly or salaried W2 employees.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employers Liability
- Employment Practices Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Professional Liability
- Workers Compensation Insurance
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
Request a free Delaware Employment Practices Liability insurance quote in Arden, Ardencroft, Ardentown, Bellefonte, Bethany Beach, Bethel, Blades, Bowers, Bridgeville, Camden, Cheswold, Clayton, Dagsboro, Delaware City, Delmar, Dewey Beach, Dover, Ellendale, Elsmere, Farmington, Felton, Fenwick Island, Frankford, Frederica, Georgetown, Greenwood, Harrington, Hartly, Henlopen Acres, Houston, Kenton, Laurel, Leipsic, Lewes, Little Creek, Magnolia, Middletown, Milford, Millsboro, Millville, Milton, New Castle, Newark, Newport, Ocean View, Odessa, Rehoboth Beach, Seaford, Selbyville, Slaughter Beach, Smyrna, South Bethany, Townsend, Viola, Wilmington, Woodside, Wyoming and all other cities in DE - The First State.
Also learn about Delaware small business insurance requirements for general liability, business property, commercial auto & workers compensation including DE business insurance costs. Call us (302) 273-0433.