Maine Employment Practices Liability Insurance Policy Information
Maine 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 Maine employment practices liability insurance policy to protect your business.
Maine 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 Maine 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 Maine 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 ME 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 ME 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 Maine 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 ME employment practices liability insurance in place, you are covered from claims which are made by former or current employees.
Maine Economic Data, Regulations And Limits On Commercial Insurance
You have a great idea for a business and you have developed excellent products and services that you are certain people will benefit from. You've also developed a viable business plan. Now you need to choose a place to start your company.
In order for your company to be as successful as possible, you need to choose a location that offers a favorable market for your specific business. After all, if the area doesn't offer a job force to support your operation or a target market that will purchase your products and services, you likely aren't going to succeed.
With that said, if you are thinking about starting a business in Maine, having an understanding of the state's economic trends is essential. It's also important to know what type of commercial insurance you'll need to carry. Below, we offer an overview of this information so that you can determine if ME is right for your business.
Economic Trends For Business Owners In Maine
Unemployment rate is a good indicator of a state's economic climate. The lower the rate, the more opportunities exist for business owners, as it suggests that there are ample job opportunities, and the more job opportunities, the more successful businesses there are in the region.
As per the Bureau of Labor Statistics, the unemployment rate in the state of Maine was 2.9% in December, 2019; that's 0.6% lower than the national average, which was 3.5% at the same time.
Additionally, according to economists, more employment opportunities are expected in the coming years, which will further reduce the unemployment rate.
While locations throughout the state offer opportunities for business owners, there are certain locations that are ideal for entrepreneurs. These locations include:
- Bar Harbor
These cities are the largest in the Pine Tree State, so it's understandable why they offer the best opportunities for businesses. While Maine is home to multiple industries, there are specific sectors that do particularly well here, including:
- Finance and insurance
- Hospitality and tourism
- Information technology
- Professional services
- Real estate
Therefore, if you are considering launching a business in any of these industries, Maine is likely a good location for your company.
Commercial Insurance Requirements In Maine
The Maine Bureau of Insurance regulates insurance in ME. Maine mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Maine requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. Independent contractors do not count as employees, but if those contractors employ subcontractors, the subcontractors must be covered by a workers compensation policy.
Maine also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
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 Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Crime
- Commercial Package Policy
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employers Liability
- Employment Practices Liability
- Event Cancellation
- Fiduciary Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Ocean Marine
- 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 Maine Employment Practices Liability insurance quote in Arundel, Auburn, Augusta, Bangor, Bar Harbor, Bath, Belfast, Berwick, Biddeford, Brewer, Bridgton, Brunswick, Bucksport, Buxton, Camden, Cape Elizabeth, Caribou, Casco, China, Cumberland, Dexter, Dover-Foxcroft, Durham, Eliot, Ellsworth, Fairfield, Falmouth, Fort Kent, Freeport, Fryeburg, Gardiner, Glenburn, Gorham, Gray, Greene, Hampden, Harpswell, Hermon, Hollis, Houlton, Jay, Kennebunk, Kennebunkport, Kittery, Lebanon, Lewiston, Limington, Lincoln town, Lisbon, Litchfield, Lyman, Madawaska and Wiscasset, Madison, Millinocket, Monmouth, Naples, New Gloucester, North Berwick, North Yarmouth, Norway, Oakland, Old Orchard Beach, Old Town, Orono, Orrington, Oxford, Paris, Pittsfield, Poland, Portland, Presque Isle, Raymond, Richmond, Rockland, Rumford, Sabattus, Saco, Sanford, Scarborough, Sidney, Skowhegan, South Berwick, South Portland, Standish, Topsham, Turner, Vassalboro, Waldoboro, Warren, Waterboro, Waterville, Wells, Westbrook, Wilton, Windham, Winslow and Farmington, Winterport, Winthrop, Yarmouth, York and all other cities near me in ME - The Pine Tree State.
Also find Maine insurance agents & brokers and learn about Maine small business insurance requirements for general liability, business property, commercial auto & workers compensation including ME business insurance costs. Call us (207) 401-4779.