A comprehensive package, combining employment practices liability and wage and hour insurance, to protect organizations from employment related exposures.
Beazley blog: Ring-fencing wage and hour liability in M&A deals
Protection for the rapidly changing world of employment related litigation
At Beazley we have extensive knowledge in the field of employment law and understand the risks posed to employers. To help them cope we have developed Beazley Workplace Protect, a package that combines the benefits of our employment practices liability cover with insurance specially designed to protect against the increasing threat of wage and hour related litigation. The wage and hour element covers claims made under the Fair Labor Standards Act, which are generally excluded from employment practices liability (EPL) policies.
The rise of Wage and Hour litigation
Wage and hour lawsuits are proliferating. A catalyst for this increase has been the adoption by various industries of new employment practices such as mobile workforces and flexible working patterns, while federal employment law has not always kept up with the rapid pace of change.
- United States Department of Labor issues final rule concerning minimum salary threshold to qualify for exemption from overtime under the Fair Labor Standards Act 1
- Seyfarth Shaw Annual Workplace Class Action Litigation Report identifies record high certification rate for plaintiffs 2
- US Department of Labor issues proposal to update regular rate regulations. 3
- Claims made and reported policy
- Duty to defend. Options available to amend to an indemnification basis
- Defence cost inclusive within the limit. Options available for defence cost in addition for EPL coverage section
- Broad definition of employment wrongful act, including discrimination, harassment, inappropriate employment conduct and retaliation
- Broad definition of wage and hour wrongful act
- Privacy violation coverage available
- Third party coverage available
Beazley is committed to helping organizations prevent claims from ever arising. All Beazley Workplace Protect customers will have access to BeazleySure, an online platform that provides policyholders comprehensive risk management support, including sexual harassment prevention training, a dedicated telephone hotline, and procedures in English and Spanish.
Superior claims handling
We have dedicated employment claims personnel on staff who work with top employment lawyers across the country to quickly and efficiently resolve claims.
Worldwide coverage for employment practices liability
US only coverage for Wage and hour liability
Due to its competitive retention structure, Beazley Workplace Protect will be particularly attractive to US organizations with upwards of 500+ employees. While over one third of organizations covered by Beazley’s wage and hour policy have between 500 and 2,500 employees, the average number of staff is 2,900. We consider submissions from a wide range of employers and have identified the following key markets:
- Financial Services
- Minimum premium of US $25,000 for EPL coverage section and US $75,000 for W&H coverage section
- Minimum self-insured retention of US $25,000 for EPL coverage section and US $250,000 for W&H Coverage Section
- Limits up to US $20,000,000 for EPL coverage section and US $10,000,000 for W&H coverage section
- Wage and hour limits up to US $25m available to large clients via Beazley-led Concorde Consortium
Consortium for larger risksThe Beazley-led Concorde Consortium at Lloyd’s provides increased capacity for wage and hour risks, generally excluded from employment practices liability policies. Targeting larger organizations with at least 5,000 employees, the consortium underwrites on both a primary and excess basis.
Workplace Protect team
Underwriter - US Executive Risk - London
+44 207 674 7446wayne.imrie
Actuary & Underwriter - US Executive Risk
+44 207 674 7566sharlene.jooste
Workplace Protect forms
Wordings / policies
The descriptions contained on this website are for preliminary informational purposes only. In the US, the product may be available on an admitted basis in some but not all jurisdictions through Beazley Insurance Company, Inc. In other US jurisdictions, the product is underwritten by Beazley syndicates at Lloyd's and is available only on a surplus lines basis through licensed surplus lines brokers. The publication and delivery of the information contained herein is not intended as a solicitation for the purchase of insurance on any US risk.
Except where products are issued by Beazley Insurance Company, Inc., coverages are underwritten by Beazley syndicates at Lloyd's and will vary depending on individual country law requirements and may be unavailable in some countries. The exact coverage afforded by the products described herein is subject to and governed by the terms and conditions of each policy issued.
Some coverages are made available through Beazley USA Services, Inc., which is a service company that is a part of the Beazley Group and has authority to enter into contracts of insurance on behalf of the Lloyd's underwriting members of Lloyd's syndicates 623 and 2623 which are managed by Beazley Furlonge Limited. Beazley USA Services, Inc. is licensed and regulated by insurance regulatory authorities in the respective states of the US and transacts business in the State of California as Beazley Insurance Services (License#: 0G55497).