As an employer or business owner, shopping for insurance shouldn’t be new to you. What may be new, however, is employee benefits liability insurance? If you aren’t sure what it is, then naturally, you may not be aware of how important it is for you to be covered.
Benefit liability insurance is protection from errors or omissions when it comes to employee benefit programs. Sometimes errors do happen. These errors can include:
- Incorrectly describing benefit plans and eligibility rules
- Incomplete benefit files or records or any errors within the records
Incorrect enrollment and termination of employees
While, like most business owners, you may hope that everything runs smoothly and that errors wont happen, this is unlikely. Errors do happen and if you don’t have protection then you are liable for any legal action or monetary reward that an employee might demand.
Choose an Agency that Understands
When it comes to shopping for employee benefits liability insurance, its best that you have a company that can discuss all of the risks and benefits that come with the type of insurance that you’re shopping for. If you’re looking for benefit liability insurance, make sure that the agency knows what they’re talking about and has offered this type of coverage in the past. Experienced agents can better help you navigate uncharted territory.