Ecommerce brands cut EPLI insurance costs effortlessly now
Strategies to Reduce EPLI Insurance Costs
While EPLI is indispensable, it doesn't have to break the bank. Here are some strategies ecommerce brands can employ to reduce costs:
- Risk Management Practices: Implementing comprehensive risk management practices can lead to lower premiums. This includes regular employee training on company policies, maintaining clear documentation of employment practices, and having a robust HR department to handle any issues promptly.
- Bundling Insurance Policies: Many insurers offer discounts when you bundle EPLI with other business insurance policies, such as general liability or cyber liability insurance. This not only saves money but also simplifies policy management.
- Shopping Around: Don’t settle for the first quote you receive. Browse options from different insurers to find the most competitive rates. Websites like Insureon or The Hartford provide platforms to compare multiple quotes23.
- Increasing Deductibles: Opting for a higher deductible can significantly reduce your premium costs. However, ensure your business can afford the deductible in the event of a claim.