Record Number of Employee Discrimination Claims Filed In 2010
The U.S. Equal Employment Opportunity Commission (EEOC) recently reported that for fiscal year 2010, it received nearly 100,000 new private sector charges of employment discrimination. This is the most ever in the agency’s 45-year history and a 7.2% increase over the number of charges filed in 2009*. For more information, click here.
What does it mean for employers?
Most experts agree that in a down economy, the opportunities for Employment Practices Liability insurance claims increase – employers are more likely to have to make difficult employment termination decisions, and with fewer alternatives available to them, employees are more likely to pursue legal remedies.
Employers facing difficult budget decisions may be tempted to reduce or eliminate their Employment Practices Liability insurance coverage. However, as the surge in EEOC claim filings shows, the risk to employers may now be greater than ever.
How much does an Employment Practices Liability insurance Policy Cost?
The cost of coverage depends on your type of business, the number of employees you have, and various risk factors such as prior claims or loss history. You can get a quote with very minimal information, often right on the spot. You would be surprised on how minimal the cost is in comparison to the coverage provided.
*Courtesy of Swett & Crawford Professional Services Group