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The Financial Implications of EPLI Insurance
The cost of EPLI insurance varies based on factors such as the size of your company, the number of employees, and your claims history. Typically, premiums can range from a few hundred to several thousand dollars annually. For example, a small construction firm might pay around $1,200 to $2,500 per year for coverage, while larger companies may see costs upwards of $5,0001. Despite these costs, the potential savings from avoiding a single lawsuit can be significant, with average legal defense costs reaching $125,0002.