MEMIC Offers Workers' Comp With Employment Practices Liability Insurance (EPLI)
March 12, 2008 | Corporate
PORTLAND, Maine, March 12, 2008 – Leading workers’ compensation insurer MEMIC is now offering its customers added coverage, not available with most workers’ comp insurance policies.
MEMIC Edge with EPLI, which is being introduced for the first time to customers who renew in April, adds the component of Employment Practices Liability Insurance (EPLI) coverage as an endorsement to the workers’ compensation policy. This new product will allow customers to buy coverage for employment practice lawsuits such as discrimination, wrongful termination, sexual harassment, directly through their workers’ compensation policy. This may be the first time EPLI has been paired with workers’ compensation.
“We see EPLI as the perfect complement to workers’ comp,” said MEMIC President and CEO John T. Leonard. “At the core, much of the work we do with customers to improve their workplace safety, includes a large component of human relations. The truth is, employers who take good care of their relationships with their employees have better safety records and are less likely to be sued. With this new product, we can help our customers by providing coverage but, more importantly, we can help prevent these kinds of problems to begin with.”
MEMIC Edge provides coverage with a $5,000 deductible and a limit of $100,000 for $32 per employee per year for most employers. The coverage includes legal defense which can often cost an employer tens of thousands of dollars, even if the claim is not legitimate. In addition, customers will gain access to the MEMIC Edge Helpline website which provides information about best practices and problem-solving in employment relations.
EPLI coverage is a growing line of insurance across the country, however, the coverage is prohibitively expensive for many small employers. Separate EPLI policies often require a minimum premium of $1,000 annually. Because of its scale within the Maine market, MEMIC can offer the coverage for a reasonable cost to employers with a few as one employee.
“It’s our mission to serve all employers but we’re particularly proud that this product helps the small businesses in Maine,” Leonard said. “Our hope is that every thing we can do to help our small customers will make them grow into large customers in the future.”
For more information about MEMIC Edge with EPLI coverage, employers can talk to their insurance agents, or go to www.memic.com.
MEMIC Edge with EPLI, which is being introduced for the first time to customers who renew in April, adds the component of Employment Practices Liability Insurance (EPLI) coverage as an endorsement to the workers’ compensation policy. This new product will allow customers to buy coverage for employment practice lawsuits such as discrimination, wrongful termination, sexual harassment, directly through their workers’ compensation policy. This may be the first time EPLI has been paired with workers’ compensation.
“We see EPLI as the perfect complement to workers’ comp,” said MEMIC President and CEO John T. Leonard. “At the core, much of the work we do with customers to improve their workplace safety, includes a large component of human relations. The truth is, employers who take good care of their relationships with their employees have better safety records and are less likely to be sued. With this new product, we can help our customers by providing coverage but, more importantly, we can help prevent these kinds of problems to begin with.”
MEMIC Edge provides coverage with a $5,000 deductible and a limit of $100,000 for $32 per employee per year for most employers. The coverage includes legal defense which can often cost an employer tens of thousands of dollars, even if the claim is not legitimate. In addition, customers will gain access to the MEMIC Edge Helpline website which provides information about best practices and problem-solving in employment relations.
EPLI coverage is a growing line of insurance across the country, however, the coverage is prohibitively expensive for many small employers. Separate EPLI policies often require a minimum premium of $1,000 annually. Because of its scale within the Maine market, MEMIC can offer the coverage for a reasonable cost to employers with a few as one employee.
“It’s our mission to serve all employers but we’re particularly proud that this product helps the small businesses in Maine,” Leonard said. “Our hope is that every thing we can do to help our small customers will make them grow into large customers in the future.”
For more information about MEMIC Edge with EPLI coverage, employers can talk to their insurance agents, or go to www.memic.com.