FARMINGTON, Conn., Oct. 31, 2011 (GLOBE NEWSWIRE) -- BOLT (Business Owners Liability Team), a leading insurance agency that exclusively protects small business owners, published today a sexual harassment infographic which highlights the financial burden that businesses can bear as a result of workplace sexual harassment. The infographic also provides important tips for small business owners to protect themselves and their businesses from costly claims.
In 2010, there were more than 11,000 charges of sexual harassment in the workplace throughout the U.S according to the U.S. Equal Employment Opportunity Commission (EEOC), which compiles yearly statistics on sexual harassment charges. Each of these cases yielded $4,130 in non-litigation monetary benefits to the victims, but the real risk for small business owners comes when factoring in litigation against the employer. Because there is no cap on the amount an employee can sue for in a sexual harassment case, these cases can easily cost employers millions of dollars in legal awards and related fees.
"Nearly 90 percent of the small business owners we speak with are underinsured or not insured at all, leaving them and their businesses extremely vulnerable to unforeseen risks," said Tom Hammond, EVP of Operations at BOLT. "This is especially true of issues like sexual harassment, where the business owner might have very little involvement in, or control over, the situation. A sexual harassment decision or settlement can easily cost millions and destroy a small business, but it's also important to note that just the cost of simply defending a suit could easily decimate a small business as well as its owner's livelihood and personal assets."
Added Hammond, "While small business owners tend to focus on the dozens of daily responsibilities associated with growing their businesses, it is equally important to fully understand what constitutes sexual harassment in the workplace, what the potential consequences are and how to protect your business. The risks are just too high."
The sexual harassment infographic provides examples to help small business owners identify sexual harassment in the workplace. It details the prevalence and financial risk associated with sexual harassment charges, but most importantly guides owners on specific ways to protect their businesses and themselves, including:
- Institute a zero-tolerance policy for sexual harassment
- Raise awareness of what constitutes sexual harassment by conducting mandatory employee training
- As a business owner, make yourself fully aware of the laws around sexual harassment
- Take all reports of harassment from employees seriously
- Document all reported cases of harassment
- Protect yourself with proper sexual harassment insurance coverage as part of your Employment Practices Liability Insurance Policy
Please visit http://info.boltinsurance.com/sexual-harassment-in-the-workplace/ to view BOLT's sexual harassment infographic as well as other important tips and information for protecting a small business.
BOLT exclusively focuses on protecting the small business owner by providing access to top markets and carriers online, with immediate quotes and expert guidance. Using its proven Web-based technology, BOLT collects all underwriting information required by top-line carriers, and allows business owners to view proposals online within minutes. Through the strength of its technology platform, processes and team of experts, BOLT delivers a unique "high tech/high touch" approach to serving the very specific needs of small business owners.
About BOLT
BOLT, the Business Owners Liability Team, is a national insurance agency that exclusively protects the owners of small businesses. Business insurance policies offered by BOLT include, but are not limited to, General Liability, Business Property Insurance, Workers' Compensation, Commercial Auto, Umbrella Insurance, Errors and Omissions, Directors and Officers, Business Interruption, Employment Liability, Sexual Harassment and Flood. These policies are provided by top-rated insurance carriers such as The Hartford, CNA, Liberty Mutual, Zurich, Ace and Chubb. BOLT Insurance Agency is headquartered in Farmington, CT, and is licensed to do business in all fifty states. For additional information, visit the BOLT website at www.boltinsurance.com.
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