Employment Practices Liability
Employers liability insurance protects your company from financial losses in the event that an employee or a third party sues you for a work-related accident, illness, or death.
Shield Strategic Insurance can assist you in obtaining employment practices liability insurance (EPLI), which covers claims of discrimination (based on sex, race, age, or disability), wrongful termination, harassment, and other employment-related issues brought by employees.
If you don't have this form of insurance, you'll have to pay for the costs of the case out of pocket. After a major accident, this could result in a considerable financial loss.
| Level of Protection: | from $50,000 to $1,000,000 |
| Period of Insurance: | up to 365 days |
| Policy Modification: | Online |
Surety Bond
A surety bond is a type of contractual agreement between three entities or parties:
⦁ A principal: the bond policyholder
⦁ An obligee: the business or government agency requiring the bond
⦁ A surety: the company issuing the bond
Surety bonds work as a guarantee or promise that you will conduct your business in an ethical and professional manner. To your customers, it’s an indicator of trustworthiness. Your bond provides them financial recourse if something goes wrong.
To start, the obligee sets the terms of the bond (including the bond coverage amount) and identifies who needs to get bonded. You, as the principal or bondholder, are required to buy and post the bond and honor its terms. The surety backs the principal by issuing the bond for the coverage amount you need.
The coverage amount (also called the penal sum) is how much you can be held liable for if you fail to comply with the terms of your bond. That means your customer can file a claim against you or your business if you don’t deliver on goods or services as promised. If the claim is upheld in court, the surety company will pay the affected party up to your bond’s coverage amount. In return, you will have to repay the surety company the amount paid out to the person harmed by your actions.
| Level of Protection: | from $50,000 to $100,000,000 |
| Period of Insurance: | up to 365 days |
| Policy Modification: | Online |
