What are companies doing to protect employees against harassment? This question has added weight after the October 8 firing of Harvey Weinstein by the board of Weinstein Co. following reports of sexual harassment complaints against him. Earlier firings at Fox News and Uber have also brought the issue into focus.
From MarketWatch: “Companies are increasingly buying insurance, including employment practices insurance to cover costs associated with employment lawsuits,” said David Yamada, a professor of law and the director of the New Workplace Institute at Suffolk University.”
Some insurers are also providing training materials for companies to teach their employees about sexual harassment in hope of avoiding it, Yamada added.
Per this 2016 Betterley report, more insurers are partnering with vendors to offer risk management services, such as training and education, consultation and outreach to insureds:
“EPLI value-added services remain an important part of the product when done right, offering employers access to tools that can truly make a difference in the frequency and the severity of claims—as well as the bad feelings that accompany employee/ employer disputes.”
Gross written premium for employment practices liability insurance (EPLI) increased to $2.1 billion in 2015, according to MarketStance data.
I.I.I. information on EPLI coverage is available here.