XL Catlin has introduced a new insurance policy that, it said, will help mid-size companies in the United States respond to and recover from acts of workplace violence.
“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.
“Any act of workplace violence can result in employee injury, business interruption, and reputational damage. Our Act of Workplace Violence and Stalking Threat Insurance combines comprehensive expense reimbursement with access to crisis management consultants, all aimed at assisting businesses with minimizing the threat of workplace violence and, in the event that it occurs, helping them recover.
“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,” noted Ms. Balan. “In fact, according to the U.S. 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 U.S.$ 25 million, XL Catlin said that its new product 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 Ms. 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 insured 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.
The Occupational Health and Safety Administration (“OSHA”) estimates that nearly two million American workers are victims of workplace violence each year, with still more cases going unreported. According to OSHA, workplace violence is the second leading cause of work-site deaths in the US.
Learn more: xlcatlin.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].