Employee Benefits Liability Insurance in Vienna , VA
Employee benefits are an increasingly important part of your organization’s foundation and workplace culture. Health insurance, life insurance, retirement programs, educational opportunities and other programs can all make up an effective employee benefits portfolio and provide exciting advantages for employees and employers alike. However, offering and administering employee benefits also includes various risks and exposures for employers, making employee benefits liability (EBL) insurance an advisable investment.
What Is Employee Benefits Liability Insurance?
As its name suggests, this type of coverage can provide financial protection for your business regarding potential liabilities and mishaps as you oversee and offer employee benefits. EBL insurance is generally regarded as a specialized form of errors and omissions insurance that financially insulates your organization from lawsuits and resulting losses related to allegations that you mismanaged an employee’s benefits.
How Does Employee Benefits Liability Insurance Work?
Offering employee benefits can have many advantages, but doing so also requires your organization to adhere to various requirements and regulations. As such, failing to do so can leave employees without the resources and aid they may need during difficult times, potentially resulting in significant consequences and costly lawsuits. Your EBL coverage may provide the financial assistance you need to manage and recover from these situations.
What Does Employee Benefits Liability Insurance Cover?
The exact capabilities and details of an EBL insurance policy may vary, but this type of coverage can typically render financial assistance in response to the following common accusations:
- Making an error in enrollment or termination of benefits
- Providing inaccurate or incomplete information about benefits
- Failing to offer benefits to eligible employees
- Mishandling employee contributions toward benefits, such as health insurance and 401(k) plans
In response to the aforementioned allegations, EBL coverage may help pay for resulting legal expenses and losses, such as attorney fees, court costs, settlements and judgments.
Get the Right Coverage
As a knowledgeable employee benefits liability insurance broker, BenefitsDrive is ready and able to help your organization understand and address its EBL coverage needs. Our dedicated team will work with you to identify appropriate employee benefits liability insurance plans and tailor a policy suitable to your unique circumstances. Contact us today to learn more.