EMPLOYEE BENEFITS LIABILITY
" LIABILITY INSURANCE FOR EMPLOYEES IS AMONG THE LEAST EXPENSIVE KINDS OF COVERAGE , PARTICULARLY IF IT IS AN ENDORSEMENT ."
LIMITS OF AN EMPLOYEE BENEFITS LIABILITY POLICY
Employee benefits liability policies have two different types of limits :
1 . Each Employee Limit : This amount is the most an insurer will pay per each employee and / or their spouses and family .
2 . Aggregate Limit : This is the highest amount the insurer will pay out per policy for an individual business .
A business will have to pay a deductible per each occurrence . EXCLUSIONS FROM EMPLOYEE BENEFITS LIABILITY
There are certain claims that are not covered by this type of insurance policy :
• Claims of the poor performance of an employee ’ s 401 ( k )
• An employee is not happy with their salary or wage
• Bodily injury and property damage claims
• Any benefit provided by the company that is not of monetary value
• Fraudulent or criminal acts by the administration
If a company has fewer than 50 employees , any health insurance benefit program that is offered is completely voluntary . If claims are made against a company with fewer than 50 employees regarding an issue including health insurance , there may only be partial coverage of the claim for the employee .
WHY DO YOU NEED EBL COVERAGE ?
Liability insurance for employees is among the least expensive kinds of coverage , particularly if it is an endorsement . It should , however , be part of your risk management strategy . It ’ s also a way to ensure that valued employees aren ’ t left in a difficult situation if errors or omissions occur .
WHAT IS THE COST OF EMPLOYEE BENEFITS LIABILITY INSURANCE ?
There are several variables to consider when calculating the cost of this type of insurance plan , including the size of the company and the number of employees . Insurance companies offer a variety of plan options with premiums that will vary based on the coverage levels , but policies are available with very affordable premium amounts . It ’ s best to speak with a knowledgeable agent to help determine if an EBL insurance plan is right for your business . An agent can also help you determine other types of business insurance you may need . +
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