- EPLI stands for Employment Practices Liability Insurance and is a hot topic in the business world. It can cover claims against your business for harassment, wrongful termination and discrimination.
- The MeToo movement of 2017 and the COVID-19 pandemic have both led to an increase in EPLI claims.
- The median EPLI award in 2020 reached $173,960, largely due to social inflation.
- Carriers such as Hartford, Liberty Mutual, and Travelers have started to restrict the amount of EPLI coverage they provide.
- Guard, a Berkshire Hathaway company, previously provided clients with $500,000 EPLI limits with a $500 deductible, but has dropped the limit to $10,000.
- When standard carriers are no longer an option, businesses can turn to the surplus lines market (also known as non-admitted carriers).
- EPLI insurance in the surplus lines market is typically sold as a standalone product, not as part of a package.
- Policy forms and coverage offered by non-admitted carriers can vary, so it’s important to understand them and work with a broker who understands the market.
- Self-insured retention (SIR) is often used in EPLI policies from surplus lines carriers instead of a deductible.
- SIR or Self Insured Retention amounts can range from $10,000 to $1,000,000.
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