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As a business owner, you want to be protected against any possible risk you might face when running your business. One way to do so would be to have employee benefits insurance.
But what exactly is it, and why do you need it? Here's a look at employee benefits liability insurance, what it covers, and why you can't afford to skip it.
Understanding Employee Benefits Liability Insurance
Employee benefits liability insurance is a type of insurance that helps protect employers from claims arising out of errors or omissions in the administration of their employee benefit plans. This includes things like incorrect enrollments, missed premium payments, and improper disbursement of benefits.
Employee benefits liability insurance can help protect employers from the financial burden of these claims, as well as the cost of defending against them. In some cases, this type of insurance may also cover the cost of settlements or judgments.
Unfortunately, many employers who do not have this type of insurance are at risk of facing significant financial burdens if they are sued for errors in their employee benefit plans.
What Does Employee Benefits Liability Insurance Cover?
Employee benefits liability insurance can help protect employers from claims that arise from:
As you can probably already tell, employee benefits liability insurance is essential for any business that offers employee benefits.
While the cost of this insurance may seem like an unnecessary expense, it's nothing compared to the cost of defending yourself in a lawsuit. Not to mention, this insurance can help protect your business from financial ruin if you are sued for something out of your control.
So, if you offer employee benefits to your employees, make sure you are properly protected by investing in employee benefits liability insurance.Share