Shootings, Hacking, Fraud, Discrimination and Harassment all hit the headlines in 2017 and the small business owner should be conscious and be on the lookout not only to protect their businesses, but to insure against things that are happening. Even though the headlines are just that, headlines, there are so many more issues that do not make it to the top of the page and these situations can easily put the small business out of business.
EPLI provides protection for an employer and its employees against claims made by current, former, or potential employees for actual or alleged discrimination, wrongful termination, sexual harassment, and other employment-related allegations. This coverage is also applicable to protect business owners from customers, vendors and other third parties that allege an incident. Whether you are right or wrong, the time and legal costs can put tremendous strain on a small business.
The need for crime coverage arises from exclusions found in commercial property forms. Most risks of physical loss on commercial property forms cover theft of merchandise and business personal property by other than the employee. Theft or destruction of money and securities, computer fraud and employee dishonesty are not covered. Crime coverage policies and forms fill in the gaps. These policies are inexpensive in most cases as the bond company will have the authority to recover funds from the employee theft.
