Is There an Insurance Policy for Sexual Harassment?
The issue of sexual harassment has been making the headlines lately. Following recent high-profile scandals involving celebrities and politicians, many companies are seeking options for defending themselves against claims. Walterry Insurance Brokers offers Employment Practices Liability Insurance (EPLI) policies that can help protect businesses, organizations and companies.
While sexual harassment in the workplace has been legally recognized since the Civil Rights Act of 1964, it wasn’t until Clarence Thomas, a Supreme Court nominee, was accused by Anita Hill of sexual harassment that the public became widely aware of the issue. In 1991, when this occurred, only a handful of insurance companies offered Employment Practices Liability Insurance policies, or EPLI.
Today, many companies are buying or considering buying sexual harassment insurance or an EPLI policy. Nearly half of large employers and ⅓ of companies with more than 500 employees have an EPLI plan. Sales of such plans have increased 15 percent in just the last year and are expected to increase even more. EPLI covers not just sexual harassment but also wrongful termination, discrimination, failure to employ, wrongful discipline, breach of contract and a variety of other employee lawsuits.
The cost of a policy will vary according to the amount of protection and the business’ size. Most policies include a retention, which is similar to a deductible and must be paid before the expenses associated with a claim can be paid. The plan can then cover court costs, attorney fees and any compensation associated with the claim.
Sexual harassment insurance is a wise investment, but companies can take other steps to further reduce their liability for sexual harassment claims. Workplace training programs are a great option as are proactive policies that address and resolve complaints promptly.
Walterry Insurance Brokers can help you find the right policy for your company’s needs. We are a full service brokerage with personal insurance, business insurance, travel insurance and media insurance plans. Call us today to schedule a consultation or to learn more.