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03 Feb What Should Keep Employers Up At Night
Every business knows it has to watch its bottom line, its profit margins, its vendor relationships, its break even points, and its fixed and variable costs. And at night when the world finally goes quiet, good employers are still thinking about their quarterly goals and their fiscal projections.
But according to 2010 statistics what should actually be keeping employers up at night is how liable their company is to litigation. And not only their company, but themselves, personally.
Statistics released by the Equal Opportunity Commission (EEOC) show that record-breaking discrimination charges were filed in 2010 on behalf of US employees. The increase marked a 7.1% growth over 2009, and the highest number since 1965. Retaliation claims were up 7.9% over 2009. Disabilities discrimination claims were up 17%. Racial discrimination claims were up 6.9%. And the list goes on.
Additionally, the median award for all employment-related claims in 2009 jumped by 60% over 2008. The median amount was $326,640.
After all the work and worry over how to make a business profitable, or just able to survive these rough economic times, no employer wants to see those dollars empty out into avoidable litigation.
The EEOC also announced earlier this year that it will dedicate more resources to help enforce federal laws prohibiting employment discrimination.This will mean more opportunities for employees who feel they are victims to seek retribution.
Some say its the necessary evil to running a business: You’ve got to watch your back. But, even better, why not let someone else watch your back? And, with that peace of mind you can focus on getting profits rolling in.
XINSURANCE offers just such peace of mind. XINSURANCE is a gap insurance company that works in addition to traditional insurance. They offer lawsuit protection, employer liability insurance, and director and officer liability insurance, to name a few. While traditional insurance works to guard the company from litigation, XINSURANCE fills in the huge areas of exposure in the event of a personal lawsuit. They help cover your personal liability.
XINSURANCE understands employers and what they need in their court to be able to run a successful business today. And, they want to be part of your team.