Are You Covered?
Posted on 27-Jul-08 by The Timekeeper
Think your insurance will cover you in the event of a wage and hour lawsuit? Might want to think again.
According to the Risky Business blog, every Employment Practices Liability they reviewed excluded coverage for wage and hour claims. They said they found a few that provided up to $100,000 for defense against wage and hour claims — which isn’t a whole lot, really — but not a one covered judgments.
Might be a good idea to check with your insurance agent to see what kind of coverage — if any — you have, and what kind of coverage is available. After a complaint has been filed is not the time to find out you’re on your own.
Kinda puts those six and seven figure judgments I keep reporting in a whole new light, eh? Another reason to make sure you’re on the right side of the laws and regulations, I would say.
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Employment Practices Liability Insurance is a good coverage but there are some limitations and exclusions. It is a very good idea to review your policy with a broker.
I have written a little bit about Employment Practices Liability Insurance on my site. Hope you find it useful!