4 Statistics That Highlight the Need for EPLI [Infographic]
April 20, 2014| Von Mindy Pollack
Our new infographic is an eye-opener for all insurers and agents when it comes to Employment Practices Liability Insurance (EPLI). The numbers tell two compelling stories, even for carriers who do not yet have a product. One is the opportunity to deliver valuable protection and services to customers. Another is a responsibility to educate customers so they can make informed choices. They go hand in hand.
Putting the Stats Together
It does not take higher math to realize this: 42% of all businesses do not buy EPLI and think they are already protected by their other policies. That is, almost half of all companies are not protected when they think they are. There is plenty of opportunity to sell EPLI from an insurance company and agency perspective. But there is plenty of opportunity to inform as well.
What Can Insurers and Agents Do To Protect and Educate Customers?
Share information about employee lawsuits and insurance products:
- Provide informational tools in agent portals, risk management websites and product brochures.
- We work with our insurer clients on knowledge-building by delivering a variety of communications: print materials, E-blasts, audio-video presentations and on-site training.
- The EEOC website is also a rich resource of actual claims, lawsuit statistics and enforcement trends.
- Provide customers with EPLI quotes so they can consider the options.
Too often EPLI is overlooked or "deselected" by agents and the customer never learns about available coverage and its cost. These business owners deserve to know what they can do to protect themselves from a lawsuit, or they may want to buy a policy just to take advantage of the free Legal and Risk Management services. They may decline the purchase for expense or any number of reasons, but at least it's an informed decision.
Our industry can do a better job of educating customers about employee lawsuits and EPLI. When we do, the opportunities will follow.