EPLI insurance review transforms senior living liability risks
Real-World Impact and Cost Considerations
The cost of EPLI insurance can vary significantly based on factors such as the size of the facility, the number of employees, and the facility's claims history. On average, small to medium-sized businesses might expect to pay anywhere from $800 to $3,000 annually for EPLI coverage1. However, for senior living facilities, these costs may be higher due to the increased risk profile.
Despite the costs, the investment in EPLI insurance is justified by the potential savings in legal expenses and the avoidance of costly settlements. For example, a wrongful termination lawsuit can easily exceed $100,000 in legal fees and damages2. EPLI insurance provides a safety net that can prevent such financial setbacks.