Slash Costs Now EPLI Insurance High Deductible Deals
Cost-Saving Opportunities
1. **Evaluate Your Risk Management Practices**: By improving your company's risk management strategies, you may qualify for lower premiums. This includes implementing comprehensive training programs, maintaining clear employee handbooks, and fostering a positive workplace culture.
2. **Shop Around for the Best Deals**: Different insurers offer varying rates and terms for EPLI policies. By comparing quotes from multiple providers, you can find a policy that offers the best coverage at the most affordable rate. Consider visiting websites of reputable insurance companies to see these options and find competitive offers.
3. **Leverage Group Insurance Plans**: Some industry associations offer group EPLI insurance plans that can provide substantial savings. These plans often come with negotiated rates that are lower than individual policies.
4. **Consider Bundling Policies**: Many insurers offer discounts if you bundle EPLI with other types of business insurance, such as general liability or property insurance. This can lead to significant cost reductions.
Real-World Examples and Statistics
According to the Equal Employment Opportunity Commission (EEOC), employers paid over $505 million to resolve workplace discrimination charges in 2021 alone1. This highlights the importance of having adequate EPLI coverage to mitigate financial risks. Furthermore, a study by Hiscox found that the average cost of an EPLI claim was $160,000, with 24% of cases resulting in a liability payment2.