Contractors grab unbeatable EPLI insurance quote comparisons now
Several factors influence the cost of EPLI insurance for contractors:
1. **Workforce Size**: Larger workforces typically result in higher premiums due to increased exposure to potential claims.
2. **Industry Risk**: Certain industries, such as construction, are considered higher risk, potentially leading to higher premiums.
3. **Claims History**: A history of employment-related claims can increase premiums, as insurers view this as a higher risk.
4. **Policy Limits and Deductibles**: Higher policy limits and lower deductibles generally result in higher premiums, but they also provide more comprehensive coverage.
Real-World Examples and Statistics
According to the U.S. Equal Employment Opportunity Commission, over 67,000 discrimination charges were filed in 2020 alone, highlighting the prevalence of employment-related claims1. For contractors, these statistics underscore the importance of having robust EPLI coverage. Furthermore, the median cost of defending an EPLI claim can exceed $125,000, making insurance a prudent investment2.