The cost of EPLI primarily depends on the number of employees at your tech company.
Tech companies pay a median premium of $182 per month, or $2,178 per year, for employment practices liability insurance.
This policy could cost less if your business has a startup-sized business and staff. The more people involved in the company, the more need to be covered in case of an EPLI-related claim.
Tech companies that are more at risk of employee lawsuits should opt for higher policy limits. Higher limits cost more, but you can also receive a higher payout on a claim.
The median limit for EPLI is $1 million, and the median deductible is $5,000. That means the policy would pay up to $1 million on a claim. However, the policyholder must pay the deductible of $5,000 before collecting on a claim.
Pay your annual premium in full. When you purchase a policy, you can pay your premium in monthly or annual installments. The annual premium often costs less than paying month by month.
Risk management. Technology companies with no previous claims on their insurance can expect to pay less for business insurance. Business owners can avoid claims with a risk management plan. That could include:
Liability claims can be a threat to your tech business. If you’re accused of injuring someone, damaging property, or causing other harm it could easily turn into a costly lawsuit. That’s why it's important to have the right insurance protection in place to cover a range of potential liability risks.
View our small business insurance cost overview or find out how much you can expect to pay for common types of business insurance.