Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
Small business insurance goes beyond insuring your inventory and office space. All small business owners may, at some point, have a need to protect themselves from lawsuits. These lawsuits don’t just come from employees; they can also come from independent contractors and customers. Discrimination, sexual…
Small business insurance goes beyond insuring your inventory and office space. All small business owners may, at some point, have a need to protect themselves from lawsuits. These lawsuits don’t just come from employees; they can also come from independent contractors and customers. Discrimination, sexual harassment, wrongful termination—these are just a handful of the claims that employees and others can file against a business at any time.
The average amount of damages recovered by plaintiffs in employment practices suits has soared. According to Jury Verdict Research, the median award for all discrimination claims payouts in 2011 was $317,000, up 46 percent from the 2010 median of $216,000. Million dollar payouts are not uncommon.
If you think employment practices liability (EPL) lawsuits are only filed against large corporations, think again. Nearly 50 percent of EPL charges are filed against small businesses, many of which do not have the funds to defend themselves. In fact, many small businesses often do not have human resources professionals to develop the formal personnel policies and procedures that can help prevent employment-related charges in the first place.
In your efforts to prevent employee lawsuits, you may want to consider:
You may also want to speak with an insurance professional about employment practices liability insurance (EPLI). This type of insurance policy protects an employer from employees’ claims alleging discrimination, wrongful termination, or harassment, including sexual harassment. It also pays for liability damages and defense costs resulting from charges brought by full-time, part-time, temporary, and seasonal employees.
Employers can obtain coverage for employment practices liability by purchasing a stand-alone policy, such as an EPLI policy or a management liability policy (MLP), or by an endorsement to an existing policy, such as a commercial general liability (CGL) or directors and officers (D&O) policy. Some insurers provide this coverage as an endorsement to a business owners policy (BOP), which is typically for small businesses (meaning 50 employees or less).
The cost of EPLI coverage depends on your type of business, the number of employees in your business, and a variety of risk factors, including whether your company has been sued over employment practices in the past. These policies will reimburse your company against the costs of defending a lawsuit in court and for judgments and settlements. They will also cover legal costs, whether your company wins or loses the suit. However, these insurance policies typically do not pay for punitive damages or civil or criminal fines, and workers compensation issues are also excluded.
No matter how well you run your business, a disgruntled employee might still file a claim against your business at any time. Keep in mind that defense costs can be significant—potentially well beyond what many small business owners can afford to pay out of pocket. In order to protect yourself, you may want to consider an insurance policy to cover these issues.
Loretta L. Worters is vice president of the Insurance Information Institute, whose mission is to improve public understanding of insurance – what it does and how it works. Ms. Worters is an author and woman’s advocate frequently quoted in leading publications including the Wall Street Journal, the New York Times, USA Today, Business Week, Forbes, and U.S. News & World Report, and she appears regularly on television networks including ABC, CNBC, CNN, and Fox. Follow her on Twitter at @LWorters.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.