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Severance Agreements
Legal Challenges Question Common Practices
By Richard D. Alaniz
Like many other industries, it is frequently standard operating procedure in the insurance industry to use severance agreements when discharging employees or reducing the workforce. While senior-level executives may have negotiated severance provisions in advance, these agreements are more typically negotiated at the time of termination. These agreements typically benefit both the employer and the soon-to-be ex-employee. The employer gets extra protection, such as the employee's agreement not to file a lawsuit or a claim with a government agency, and the employee gets a better severance package, perhaps some additional pay or health-care coverage.
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