High Limit EPLI Insurance Transforms Senior Living Operations
Benefits of High Limit EPLI Insurance
One of the primary benefits of high limit EPLI insurance is its ability to cover substantial legal costs, which can easily escalate into the hundreds of thousands of dollars. For example, the average cost of an employment claim in the U.S. is approximately $125,0001, and high limit policies ensure that even the most severe claims are financially manageable. Additionally, these policies often include access to risk management resources, which can help facilities implement best practices to prevent claims from occurring in the first place.
Cost Considerations and Financial Impact
While high limit EPLI insurance may come with higher premiums, the cost is often justified by the level of protection provided. Premiums vary based on several factors, including the size of the facility, the number of employees, and historical claim activity. On average, businesses might expect to pay anywhere from $800 to $3,000 annually for every $1 million in coverage2. However, considering the potential costs of litigation, this investment can be a prudent financial decision.