Employment practices liability insurance has "never been more affordable than at the current moment," but that doesn't necessarily mean small employers will decide to buy it this year, one specialty market participant said recently.
"The economy is poor and these same entities may not have that extra money to purchase coverage that's not mandated by contract, explained Robert Cap, EPLI product manager for Markel Shand in Deerfield, Ill., noting that small employers remain the most underserved EPLI market, with less than 10 percent buying EPLI.
The irony is that with the worsening economy, these entities are often forced to lay off workers, and they need the coverage more now than ever. "They're really getting squeezed in all directions," he said.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
