Are Hidden EPLI Claim Secrets Costing Your Firm Millions?
Financial Implications of EPLI Claims
The financial burden of defending against EPLI claims can be substantial. Legal defense costs alone can range from $75,000 to $125,000, even if the case does not go to trial2. If a case proceeds to trial, the costs can escalate dramatically, with settlements often exceeding $200,000. For businesses, especially small to medium-sized enterprises, these expenses can be devastating.
Strategies to Mitigate EPLI Risks
To mitigate the risks associated with EPLI claims, businesses should invest in comprehensive insurance coverage and implement robust workplace policies. Regular training sessions on discrimination and harassment prevention can help create a more informed and compliant workforce. Additionally, maintaining thorough documentation of employment decisions and employee performance can provide critical evidence in the event of a claim.