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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 it’s 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 an insurance brokerage that works in addition to traditional insurance. They offer lawsuit protection and solutions to 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.
Authored by Rick J. Lindsey, President, Chairman, and CEO of XINSURANCE
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Rick J. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick J. Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick J. Lindsey discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Rick J. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick J. Lindsey to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. XINSURANCE also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are XINSURANCE can help.