When making sure your employees are covered, it’s easy to forget to do the same for yourself. Insurance is complicated. From the fine print to administration and explanation, EBL coverage is vital protection against minor human errors that can have massive consequences. Luckily, at VillaNova Insurance Partners, we’re the premier full-service insurance brokerage based out of King of Prussia, Pennsylvania. Unlike competitors, we offer solutions tailored to your exact needs because we understand insurance isn’t a one-size-fits-all industry.
Here’s what EBL insurance covers:
What is EBL coverage?
EBL coverage is also known as Employee Benefits Liability Coverage and Employee Liability Insurance. EBL coverage is insurance for employers.
This insurance protects companies from potential errors or omissions when administrating employee benefits plans and retirement plans. One minor clerical mistake could expose your company to inordinate consequences.
This coverage has broad applications. It can protect you against incorrect or inaccurate advice you’ve given, and it can even fortify you against employees being accidentally deleted from their coverage or the misclassification of workers.
Typically, EBL covers a bevy of benefit plans (health, dental, life insurance, etc.). It’s often a standalone policy. If you don’t know where to start, you’ve come to the right place. At VillaNova, we guarantee to design the perfect plan for you and your circumstances.
What are the features of EBL coverage?
Most of the essential features of EBL coverage revolve around legal protection. Without EBL coverage, when an administrative mistake is made, you expose your business to inexcusable risk.
Ultimately, human error is inevitable, and failing to account for it is nothing short of negligence. If you have to legally pay something because of a clerical error, your EBL insurance will cover this.
Common features of EBL coverage include:
- Maintaining files and records of employee benefits, both electronically and on paper
- Enrolling, maintaining, and terminating employees, eligible family members, or other dependents and beneficiaries in plans
- Describing the benefit plans to everyone, including employees, eligible family members, and other dependents and beneficiaries
These crucial features provide vital insight into the scope of EBL coverage and why it’s so essential. You can’t fully anticipate or eliminate mistakes. However, with EBL insurance, you can at least be prepared.
No matter what features your business needs, at VillaNova, we guarantee to have the perfect custom coverage package for you.
What’s covered by EBL coverage?
It’s crucial to understand that EBL coverage is unique to your company. Depending on what insurance packages you offer, your EBL coverage will differ from other businesses’.
This makes it important to fully understand what plans, programs, and packages you offer employees. Otherwise, you can’t tailor your EBL coverage to your precise needs, which ultimately leaves gaps in coverage and exposes you to significant, unnecessary risk.
However, what’s generally covered by EBL insurances includes:
- Accident, life, medical, dental, and other insurance plans
- Stock ownership, pension, profit-sharing, savings, and other similar plans
- Workers compensation, social security, unemployment benefits, and disability
- Tuition assistance, vacationing, and maternity leave
This is just scratching the surface. To know precisely what coverage you provide and what you need to have covered, VillaNova provides unrivaled EBL insurance services.
Schedule a consultation now!
As an employer, EBL coverage isn’t a luxury. It’s a necessary protection against human error. No matter how optimal your business performs, mistakes are unavoidable. Luckily, at VillaNova Insurance Partners, we’re the leading, full-service insurance brokerage. Unlike competitors, we understand each client has unique needs. Our extensive industry experience enables us to cater specifically to you. Schedule a consultation now!