A: Employee-related litigation has skyrocketed. In local, state and Federal Courts, employee class action suits have increased more than 72% since 2007.
- You don’t want to make your business more vulnerable to a lawsuit than need be. The most important thing to remember is to be proactive, not reactive, to a situation. It is critical to comply with all applicable federal and state laws, implement handbooks and employment agreements, and have policies and procedures in place.
- Whether your practice is large or small, no business is immune from employment-related lawsuits; you face significant liability when making personnel decisions. Even if a lawsuit has no grounds, the costs associated with defending these suits can be overwhelming…both in time and money. Employer Practices Liability Insurance helps to provide protection for an employer against claims made by employees, former employees or potential employees.
- Another option to protect you is to legally form a corporate entity to manage your practice. Choosing the right business entity can provide a significant reduction in liability and risk as well as tax savings, improving your bottom line. Many of the personal liabilities you have, such as the liability for employees, become a corporate liability. You have created an extra layer or veil between you and these liabilities.
- EmployShare will work with you to form the right entity for your business. Protecting your assets is vital and EmployShare will show you how.