Transform manufacturing safeguards with EPLI bundle today
Cost Considerations and Real-World Examples
The cost of EPLI varies depending on several factors, including the size of your business, the number of employees, and your company's claims history. On average, small to medium-sized businesses can expect to pay between $800 to $3,000 annually for EPLI coverage1. However, the potential savings from avoiding a costly lawsuit far outweigh these premiums.
For instance, a manufacturing firm with 200 employees faced a discrimination lawsuit that could have cost over $200,000 in legal fees and settlements. Thanks to their EPLI coverage, the company only paid a small deductible, saving them from significant financial strain.
Enhancing Efficiency with EPLI
Beyond financial protection, EPLI can streamline your company's risk management processes. By working with insurers, you can access resources and training programs that help prevent employment-related claims from arising. These programs can include workshops on workplace diversity, anti-harassment training, and effective communication strategies.
Additionally, many insurers offer risk management tools and services that enable businesses to conduct regular audits and assessments of their employment practices. This proactive approach not only reduces the likelihood of claims but also enhances overall operational efficiency.