HARTFORD, Conn.--(BUSINESS WIRE)--National Small Business Week, May 1-6, highlights the importance of small employers to the nation’s economy and community life — and the challenges that small business owners face.
A big concern of small business owners in today’s changing workplace is the number of employment-related discrimination claims and lawsuits that employees file against their employers.
Many of these complaints involve charges of retaliation, with employees claiming they were punished for alleging discrimination, or for participating in a discrimination proceeding against their employer.
In its latest report for 2015, the U.S. Equal Employment Opportunity Commission (EEOC) said it received 39,757 retaliation claims and recovered $178.3 million in monetary benefits from employers. Many smaller businesses paid penalties and settlements.
Hartford Steam Boiler’s insurance data shows employment claim settlements range between $27,000 and $54,000. The amount paid for a legal defense averages $10,000, a significant amount for a small business owner who typically takes home approximately $60,000 in annual salary.
It’s important for small business owners to take steps to help prevent an employment claim:
- Train managers and employees to understand and follow employment laws;
- Follow changes and updates in laws and employment regulations;
- Cover the business with employment practices liability insurance.
HSB has produced an infographic to highlight the risks of employment claims for small business owners — and what they can do protect themselves. Copy and paste the code below to share the infographic on your website.
<p><a href='http://www.munichre.com/HSB/epl-infographic/index.html'><img src='http://www.munichre.com/site/hsb/get/params_E2132217649/1185993/epl-retaliation-infographic.png' width='' border='0' /></a></p>
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management that set the standard for excellence worldwide. We focus on clients and partner with them to craft inventive insurance and service solutions to cover existing and emerging risks posed by technological change. Today, as throughout our 150 year history, our mission is to use our engineering knowledge and insights to help clients prevent loss, advance sustainable use of energy resources and build deeper relationships that benefit business, industry, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on Twitter, Facebook and LinkedIn.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2015, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.1bn on premium income of over €50bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2015, ERGO posted premium income of €17.9bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments (excluding insurance-related investments) amounting to €215bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.