What Company Dominates as the Leading EPL Insurer?

Which Company Dominates as the Leading EPL Insurer?

Employment Practices Liability (EPL) insurance is a type of coverage that protects businesses against claims made by employees for wrongful acts related to their employment. As the number of employment-related lawsuits continues to rise, EPL insurance has become increasingly important for companies of all sizes. In this article, we will explore which company dominates as the leading EPL insurer and why.

The Leading EPL Insurer: Hiscox

Hiscox is a global specialist insurer that offers a range of insurance products, including EPL insurance. According to a 2019 report by Advisen, Hiscox is the leading EPL insurer in the US market, with a market share of 14.9%. This is a significant increase from their 2018 market share of 12.5%.

Why Hiscox Dominates the Market

There are several reasons why Hiscox has become the leading EPL insurer in the US market. Firstly, they have a strong reputation for providing excellentcustomer serviceand claims handling. This has helped them to build trust with their customers and establish themselves as a reliable insurer.

Secondly, Hiscox offers a wide range ofcoverage optionsand policy limits, which allows them to tailor their insurance products to meet the specific needs of their customers. This flexibility has helped them to attract a diverse range of clients, from small businesses to large corporations.

Finally, Hiscox has invested heavily in technology and innovation, which has allowed them to streamline their underwriting and claims processes. This has helped to reduce costs and improve efficiency, which has made them more competitive in the market.

Why EPL Insurance is Important

EPL insurance is important because it protects businesses against potentially devastating lawsuits. Employment-related claims can be costly to defend, and even more expensive to settle. EPL insurance provides businesses with the financial protection they need to weather these kinds of legal challenges.

In addition, EPL insurance can help businesses to attract and retain employees by demonstrating their commitment to creating a fair and equitable workplace. This can be especially important for small businesses that may not have the resources to compete with larger companies in terms of salary and benefits.

Tips for Choosing the Right EPL Insurance

When choosing an EPL insurance policy, there are several factors to consider. Firstly, it's important to choose an insurer with a strong reputation for customer service and claims handling. This will ensure that you receive the support you need if you ever need to make a claim.

Secondly, you should look for an insurer that offers a range of coverage options and policy limits. This will allow you to customize your policy to meet your specific needs and budget.

Finally, you should work with an experienced insurance broker who can help you navigate the complex world of insurance and find the right policy for your business.

Conclusion

In conclusion, Hiscox is the leading EPL insurer in the US market, thanks to their excellent customer service, flexible coverage options, and innovative technology. EPL insurance is an important type of coverage for businesses of all sizes, as it provides financial protection against employment-related lawsuits and helps to attract and retain employees. When choosing an EPL insurance policy, it's important to work with a reputable insurer and an experienced insurance broker who can help you find the right policy for your business.