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Employment-related risks are among the most potentially damaging exposures. Often
centering around sexual harassment, wrongful termination and discrimination, employers of all sizes face potential damage from employment practices liability (EPL) lawsuits, which cannot only result in financial disaster, but also irreparable injury to reputation and brand image.
In 2007, 82,792 charges were filed by employees with the Equal Employment Opportunity Commission (EEOC). According to the EEOC, this is the most charges received by the federal agency since 2002 and the largest annual increase (9 percent) since the early 1990s. In 2007, the EEOC also recovered $345 million in monetary relief on behalf of aggrieved employees.
Significantly, for the first time, retaliation surpassed sex-based discrimination as the second-most filed charge. In addition to these EEOC statistics, a 2006 study conducted by the Society for Human Resource Management (SHRM) revealed that approximately 60 percent of employers have been involved in some type of employment related lawsuit, and over 90 percent of those suits result from termination or other discharge of employees.
Employment Practices Liability Insurance (EPLI) is designed to help employers respond to growing EPL exposures,
such as those described above,
mitigate the impact of EPL risks and protect a company's bottom line, which extends beyond financial loss. Through Marsh's Employment Practices Liability practice, insureds can choose from a menu of comprehensive coverage offerings that combine insurance and risk management techniques designed to:
- Lower the cost of transferring employment practices risk;
- Protect the company, its directors and officers, as well as employees for claims brought by past, present or prospective employees (and third parties); and
- Reduce the risk of costly litigation.
Marsh has initiatives designed specifically for large and multi-national corporations as well as mid-size and small companies.
Learn more about Marsh's Employment Practices Liability services.
CONTACTS:
Adeola I Adele
New York, NY
212-345-1724
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Related Information
Webcast: Hot Topics in Employment Practices Liability
Marsh's Employment Practices Liability Practice
Global Leaders: A comprehensive initiative for large companies with more than 4000 employees
Leaders Preferred: Specifically designed for mid-size companies with 250-4000 employees
News Release: Marsh Webcast Oct. 21 Examines Widening Employment Practices Liability Risks As Organizations Cut Jobs and Discrimination Claims Rise
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