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Many companies carry insurance policies that protect their employers in the event of accidents or injuries suffered while at work. Employers also carry benefits plans that provide health insurance or other services to employees. In spite of these protections, employers are susceptible to claims from their employees that personal rights have been violated by company policies or practices.
Add-on Coverage for Business Owners
Large corporations used to carry the largest threat of a lawsuit from a disgruntled employee, but companies of any size can have a claim or lawsuit opened against them by a worker. A business owner’s policy offers some protection against this threat, but stand-alone coverage from an Employment Practices Liability Insurance (EPLI) policy is generally more comprehensive toward exposures. EPLI can assist with lawsuits where the following claims have been made by employees:
- Wrongful termination
- Sexual harassment
- Breach of contract
- Wrongful discipline
- Failure to promote
- Negligent evaluation
- Mismanagement of employee benefit plans
Costs and Inclusions
The size and scope of your business influence how expensive EPLI will be for your company. The carrier will evaluate if your company has had prior lawsuits filed concerning employment practices and what other risks are present. Policies include coverage for the costs of legal defense and award amounts for a settlement or judgment. Legal costs are covered whether or not your company wins the suit.
Educate your company employees and managers to minimize the potential for problems in the workplace. Have fair hiring practices, clear behavior expectations, and prompt reporting processes.
Business owners and managers need to protect their operations with essential insurance coverage. It’s important that insurance is customized to meet your business’ needs in order to fully address your risk exposure.
Work With a Knowledgeable and Experienced Agency
When Connecticut businesses need to get insurance, they should work with a company that is experienced in serving businesses in their area and industry. An experienced insurance agency will be able to help connect your business with the right carriers in the insurance marketplace that can accommodate your individual needs at competitive rates.
Build a Package to Support the Full Scope of Your Business’ Activities
A business’s insurance needs will depend largely on its individual activities and the value of its assets. While you have to choose a line of coverage that’s affordable, you also need coverage that will provide comprehensive protection in the event of loss or a liability claim. You can customize a package with specific coverage limits and deductibles that will align with your operating budget and risk exposure.
A comprehensive commercial package may need to include a variety of policy endorsements. Get help from an agency that can help you evaluate your business’ needs and offer expert assistance in structuring a package to effectively safeguard your business.
Running a successful business involves striking a balance between innovation and risk management. With the different insurance policy options available, it is important to consider which ones provide the necessary coverage for potential liability. When it comes to risk management for business executives, these are some of the components to be aware of:
Employment Practices Liability Insurance
EPLI policies are vital for protecting a business from a wide array of employee-related events, which can often include:
- Wrongful termination
- Breach of employment contract
EPLI policies minimize the exposure of claims made against a company’s directors and officers. They can vary depending on the particular vulnerabilities of a business.
Additional Liability Insurance
Businesses can also become vulnerable to risk through indirect exposure. Companies can be held liable for any claims made against a third-party contractor or agent. They may also be obligated to fulfill any fiduciary responsibilities toward employee benefit plans. Business executives should consider whether they need coverage due to:
- Contingent liability: minimizes exposure to third party claims
- Fiduciary liability: provides coverage for employee benefit plans
- Miscellaneous liability: protects against employee errors and property damage
Proper coverage is crucial for maintaining a fruitful business and mitigating unforeseen risks. Work with your agent to find the right insurance policies for your business.
These days, having a website for your business isn’t necessarily enough. You also need content. This type of marketing is a powerful tool that attracts customers to your website and your brand, making content marketing for insurance companies a must-have part of their marketing strategy, according to http://www.neilsonmarketing.com/.
How Can You Use Content Marketing
Your business can use content marketing in several ways. For example, you can answer questions consumers commonly search for in relation to insurance products and even link the information back to your products as the solutions. To get the most out of your content, make sure that it does the following:
- Provides useful or helpful information
- Contains relevant advice or information
- Addressing concerns relating to consumers
- Engages consumers through content and keywords
When you begin your content marketing strategy, you need to first understand what is important to your target audience. Then you need to craft content, usually in the form of blog posts, that can help you establish a relationship with your audience. Lastly, you need to post content on a regular basis to keep the attention of your consumers.
Dive Into the World of Content
Content marketing for insurance companies is part of a marketing strategy that enables you to connect with your audience. Make sure you keep the tips above in mind when you get started on your strategy.