Employment Practices Liability Insurance, often called EPLI insurance, helps protect employers from certain lawsuits alleging wrongful employment practices. If a current employee, former employee or job applicant claims your business engaged in wrongful termination, discrimination, harassment, sexual harassment, retaliation, failure to hire, failure to promote or other covered employment-related misconduct, an EPLI policy can help pay for covered legal defense costs, settlements or judgments, even if the allegations are ultimately found to be without merit.
This coverage is designed for Colorado employers of all sizes, from small businesses to larger organizations with growing workforces. Employment Practices Liability Insurance is commonly purchased by professional service firms, contractors, healthcare providers, manufacturers, retailers, restaurants, technology companies, nonprofit organizations, property management companies, financial service firms and many other employers that want protection against workplace-related liability claims.
How Much Does Employment Practices Liability Insurance Cost in Colorado?
Employment Practices Liability Insurance is usually priced based on the type of business, number of employees, annual payroll, industry, hiring practices, claims history and total coverage limit selected. Many small Colorado businesses may pay around $800 to $3,500 per year for an EPLI policy. Larger employers, businesses with higher employee turnover, multiple locations, remote workforces or increased employment-related exposures may pay several thousand dollars more.
The final cost depends on your workforce size, annual payroll, management structure, human resources policies, employee handbook, hiring and termination procedures, prior employment claims and desired coverage limits. Pricing can also change based on whether the policy includes third-party liability, wage and hour defense coverage, independent contractor coverage, management liability enhancements or other optional endorsements.
Which Carriers Offer Employment Practices Liability Insurance?
Castle Rock Insurance and its partners work with a broad network of commercial insurance carriers that offer Employment Practices Liability Insurance for Colorado businesses. Depending on your business type, workforce, underwriting profile and eligibility, coverage may be available through carriers and programs such as Travelers, Chubb, CNA, The Hartford, Philadelphia Insurance Companies, Markel, Great American, Liberty Mutual, Nationwide, Zurich, AIG, Hiscox, Berkley, USLI, Coterie, Kinsale, Westchester and other admitted and specialty commercial insurance markets.
Because every employer has different workplace policies, hiring practices and employment-related risks, there is no single carrier that is best for every situation. Castle Rock Insurance and its partners review multiple insurance companies to help Colorado businesses find competitive pricing and the right combination of Employment Practices Liability Insurance, Directors and Officers Insurance, Cyber Liability, Fiduciary Liability, Professional Liability, Commercial Umbrella and other management liability coverages based on their operations and workforce.
Get an Employment Practices Liability Insurance Quote Today
Employment-related lawsuits can be costly, time-consuming and disruptive to your business, regardless of whether the allegations are ultimately proven. Castle Rock Insurance and its partners make it easy to review Employment Practices Liability Insurance options from multiple commercial insurance carriers. Contact us today for a personalized quote and let us help protect your Colorado business from the financial impact of workplace-related claims.
