Definition of Employment Practice Liability

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Employment practice liability is also known as EPLI insurance. Get a definition of employment practice liability insurance with help from a business and finance professional in this free video clip.

Part of the Video Series: Business Tips & Insurance Info
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Video Transcript

Hi, I'm Ernie Bray, and today I'm going to give you the definition of what EPLI insurance is. Employment Practices and Liability. Now you're probably wondering why would you even need this. Well, if you're a small business and you're trying to build your business and grow it, you don't even think about these things. You get general liability, you get E and O, maybe some property insurance. But here's what happens. As your business becomes more successful and you have more employees, the risk becomes greater. Now EPLI covers the kind of losses that are not covered by the other policies. They cover sexual harassment, age discrimination, overtime and wage disputes. The things that you don't think you're ever going to encounter, but you may encounter. So it's very wise to meet with an insurance agent and go over your needs as your business grows. You may not need this coverage when your business is smaller but as you grow so will your insurance needs. And this kind of insurance can be very, very valuable if you encounter a wage or overtime discrimination case, and it can help you save a lot of money. I suggest, if you're a growing business, invest in it. I am Ernie Bray, and thanks for listening. And I hope these tips help you in your business.


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