Insurer unveils workplace violence insurance product in US

Insurer unveils workplace violence insurance product in US

Insurer unveils workplace violence insurance product in US A top global insurance company has responded to the surge in US workplace violence by designing a new product to help mid-sized firms respond to and recover from such incidents.

XL Catlin’s Act of Workplace Violence and Stalking Threat Insurance addresses a number of potential expenses related to violent acts, including business interruption, employee injury and reputational damage. It combines comprehensive expense reimbursement with access to crisis management consultants to help insureds prepare and recover.

“Unfortunately, in just the last few months, recent attacks at the workplace have forced many businesses to re-think existing security measures in place to protect their employees,” said Denise Balan, Americas Head for XL Catlin’s Crisis Management insurance business.

The product comes after an Occupational Health and Safety Administration (OSHA) report estimated that nearly 2 million American workers are victims of workplace violence each year, with still more going unreported. According to OSHA, the trend is such that workplace violence is the second leading cause of worksite deaths in the US.

"Our policy is specifically designed for mid-size institutions and businesses, especially those involved in higher education, hospitality, manufacturing and healthcare facilities.  These particular sectors have seen their share of violent acts," said Balan.  "In fact, according to the US Bureau of Labor statistics–the workplace violence rate within the healthcare industry is more than three times greater than the rate for all private industries.  Additionally, mid-size businesses do not typically have easy access to crisis management resources.  This policy offers both coverage for expenses and access to our risk management consultancies to help handle a crisis situation should it arise."

With liability limits up to $25 million, XL Catlin's Workplace Violence and Stalking Threat insurance covers expenses related to public relations counsel, psychiatric, medical or dental care, employee counseling, temporary security measures, and rehabilitation expenses, personal accident, legal liability and business interruption expenses.  

According to Balan, XL Catlin's coverage is amongst the most comprehensive policy in the marketplace and includes legal liability coverage to address legal expenses or lawsuits that can result from an incident.  A special endorsement is also available to provide the company and its employees coverage for an "off site incident," an act of workplace violence that may occur at a client or vendor's facility for instance. 

XL Catlin's Crisis Management insurance business helps businesses operate in an increasingly volatile world, providing businesses with Product Recall, Product Contamination, Kidnap, Ransom & Extortion, and Terrorism coverages, among others.   XL Catlin's Crisis Management team helps clients take a holistic approach to avoid or manage a crisis; providing preventative consulting resources and expertise to help businesses address food safety, a disappearance, a violent act as well as regulatory and reputational issues.