Employ yourself some protection…
Employment tribunals are expensive – and on the up, following the recent abolition of tribunal fees (see below). Given the plethora of no-win/no-fee solicitors, the cost to the employee is virtually nil. Whereas for the employer, costs are incurred from the outset – as well as a vast amount of management time.
Employment Practice Liability Insurance (EPL) can help with both the costs of defending an action and of compensation.
Employment Practice Liability Insurance protects against allegations of:
Quick Background on Employment Practices Liability
What were the tribunal fees for?
In 2013, the government introduced employment tribunal fees. These were intended to reduce the number of spurious or malevolent claims, following a rise in such cases which were harming businesses.
Tribunal fees reduced the number of cases brought against employers by almost 80% in three years.
This summer the Supreme Court ruled these fees to be unlawful, arguing that they impeded fair access to justice. The fees have been scrapped, and the government is having to repay £32m to claimants.
How does this affect my business?
We expect the number of cases brought against employers to rise substantially - and possibly exceed the pre-2013 levels - as a result of the ruling.
This means employers are facing substantial increases in legal and compensation costs for such cases.
How do I stay protected?
If you don't yet have cover in place, talk to us and we can arrange this for you. It's usually an extension to your Directors' and Officers' liability insurance.
If you already have EPL (Employment Practices Liability) insurance in place, then now is the time to review the limits on your policy, and ensure you have sufficient provision for legal and compensation costs.
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La Playa's specialist Science & Tech team can help you protect your business with smart, flexible, high-performance insurance - with a friendly human UI. We understand the risks and pressures you face - and we speak your language. We’ll support you with great advice - helping you make good decisions for your business.
As a Lloyd's broker, La Playa has solutions for even the most complex risks, and our services also include Business Protection and Employee Benefits. But what does "Boutique Service" actually look like?
Careful listening to really understand your needs and priorities
As much help as you need with completing forms to provide risk information
A discreet and complimentary appraisal* to assess the risks and ensure you have the right coverage where you need it
An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
Careful monitoring of the carriers’ financial strength, claims and customer service
An independent recommendation of the best policy for you - and why
Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analyzed a wide range of policy wordings and have selected only the best for our panel. Our advisors have a deep working knowledge of these policies
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An intelligently designed portfolio of protection across multiple asset classes, liabilities and territories
Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
A dedicated advisor so you can speak to the same person each time.
Expert guidance on valuations, security and risk management, and connecting you with specialist advisors and suppliers
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Policy documents emailed to you - no logins and passwords to remember
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Tech-based business is 24/7, global and borderless, always exposing you to new risks and liabilities - often in unfamiliar places. As the law struggles to keep pace with technology, insurance can provide a real safety net if you fall foul of changing legislation.