FGIB:Putting EPLI Insurance Into Place

Financial Guaranty Insurance Brokers (FGIB) has more than 30 years of experience helping financial institutions – from community banks to commercial lenders and today’s Financial Technology (FinTech) companies – balance profitability and risk exposure. Among the many challenges that banks and related entities must address is compliance with employment practices. This is particularly so in an environment where there is increasingly broader state and federal regulatory statutes governing this area and a more proactive stance to investigate alleged violations that involve discrimination, sexual harassment, wrongful termination, and retaliation, among others. At FGIB, we provide the cover needed to protect our clients against employee-related lawsuits with Employment Practices Liability Insurance (EPLI).

Employment-Related Claims Today

Why do you need a robust insurance program to respond in the event of an employment practices-related claim?

  • In 2015 alone, the Equal Employment Opportunity Commission (EEOC) received more than 89,000 charges of discrimination, harassment and retaliation. An EPLI policy from FGIB will provide you with defense and indemnity coverage in the event of such allegations.
  • The median payout for an Employment Practices Liability claim that makes it to trial is $600,985, plus defense costs. Even meritless claims involve time and money to defend. Our EPLI policy can be designed to cover your bank and executives for loss (damages and defense costs) arising out of employment practices disputes.

In addition, we partner with leading insurance companies that provide risk management to help mitigate employment practices claims. This may include sexual harassment prevention and discrimination training and consulting regarding employment laws, which can be rather complicated when reviewing federal, state, and city regulations.