As a business owner, you want to do everything that you can to protect your company. This means having the right insurance policies in place. Employment practices liability insurance from a reputable PNW financial guaranty insurance company is another layer of protection to consider.
This type of insurance covers employees when there are claims made against them concerning discrimination, harassment, wrongful termination and other issues related to employment, such as failure to promote.
This type of coverage is critical for larger businesses, but small companies could benefit even more. With a small business, even the smallest lawsuit could cause significant financial issues and this type of policy could prevent these.
Employers generally combine this type of policy with a detailed employee handbook that details expectations and what could result in termination. For example, you might state that theft is grounds for automatic termination. However, you cannot cover it all, so if you have to let someone go and they allege that the reason is personal and try to sue, this insurance would then kick in to protect you.
With this information, you can examine your company and its needs to determine if this type of insurance is ideal for you. Should you want to get a policy, make sure to get it from an experienced PNW financial guaranty insurance company.