Insurer Beazley Group plc has launched an employment practices liability (EPL) policy its says is tailored to the specific needs of professional services firms such as law firms, accounting firms and architects and engineers.
The new policy is designed for businesses that operate as partnerships or professional corporations.
“Basic EPL policies do not work well for professional firms,” said Carrie Brodzinski, product manager for Beazley. “The structure of professional firms requires changes in the policy terms to ensure that they receive the full benefit of the coverage.”
For example, one way in which discrimination can make itself felt at a partnership is in unfairly denying a deserving individual from making partner. Standard EPL policies do not cover this, but the new Beazley form does, according to Brodzinski. Likewise the standard definition of employee is explicitly broadened to include professional partners. “Without these coverage extensions, it is possible that otherwise valid EPL claims would not be covered,” said Brodzinski.
Source: Beazley Group, plc
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