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Advisory
California professional liability insurance coverage
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California professional
liability insurance coverage reflects current business environment.
Typically covers allegations of discrimination, wrongful termination and
sexual harassment of employees. A decade ago, when many California
professional liability insurance coverage companies began taking large
losses on these types of claims, Employment Practices Liability
Insurance became a stand-alone insurance product for businesses.
Over the past decade, the number of discrimination cases has more than
tripled in the United States, and a vast majority of these cases are
filed against employers. Employment issues make up 30% of all civil
litigation in the United States, and charges filed through the Equal
Employment Opportunity Commission increase virtually every year.
Publicly held companies, privately held companies and not for profit
corporations are all at risk for being sued by employees and potential
employees.
California professional liability insurance coverage protect businesses
from common claims.
California professional liability insurance coverage protects companies
against claims that past, current and prospective employees of the
company bring against the company, its directors and officers, and its
other employees. Common employment practices violations include
discrimination (based on sex, age, race, religion or other factors),
sexual harassment (including “quid pro quo” harassment claims), wrongful
termination, and a variety of other employment-related claims which
violate employees’ civil rights or their ability to perform their job in
an acceptable and fair working environment. These types of claims can be
extremely expensive to defend against, even if the court finds in favor
of the employer.
What is also common about these types of California professional
liability insurance coverage claims is that they frequently consist of
one person’s word against another’s. For example, if a candidate for a
job feels she was passed over due to age discrimination, but the Human
Resources Director who interviewed her says it was because another
candidate was more qualified, the responsibility to make a judgment
frequently rests with a jury who must decide which person they believe
more. This type of case can be risky for a company to face, since many
potential jurors may bring their own big-business prejudices to the
jury.
California professional liability insurance coverage pricing based on company's size and industry
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While risks to businesses have never been higher, fortunately the costs for acquiring Employment Practices Liability Insurance have dropped significantly. With many A-rated and A+-rated companies in the business of California professional liability insurance coverage, both premiums and deductibles are much lower than they were even five years ago. Pricing varies greatly depending on various factors (some listed below), but companies can expect annual premiums to fall in the range of $10,000 to $30,000 for companies with 25 to 100 employees. For larger companies, minimum premiums may begin as high as $25,000 and go up from there depending on many factors. When quoting a policy for a particular company, insurance underwriters consider all of the following California professional liability insurance coverage information in structuring the premiums and deductibles for a policy:
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The company’s size (in terms of sales).
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The number of employees it has.
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The company’s core business or industry.
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The company’s claims history. California professional liability insurance coverage.
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The company’s hiring and firing practices, as well as turnover rates.
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The company’s written policies and procedures regarding employees.
California professional liability insurance coverage is not inexpensive, but the cost for coverage is just a fraction of what companies can pay when settlements go against them. Recent settlements in several states have topped $5 million for groups of workers who claimed they were let go of for reasons including California professional liability insurance coverage demonstrated patterns of age and sexual discrimination. More california insurance liability professional related articles...
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California professional liability insurance coverage related articles |
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