HSB Launches Workplace Violence Insurance for Small Businesses
HSB, part of Munich Re, has created a new workplace violence insurance coverage for small to mid-size businesses, providing counseling, crisis communications, lost business income and security services to help companies and their employees respond and recover after a violent event.
HSB Workplace Violence Response coverage includes a security assessment and recommendations, guard services, and counseling for employees and their immediate family members.
HSB Workplace Violence Response coverage is designed to help support businesses and their employees as they respond to and recover from a threat or an act of physical violence that involves a weapon and occurs at the worksite. The coverage includes the area within 100 feet of the client business and has a broad definition of “weapon.” It also can cover events that don’t involve a weapon but result in a workplace homicide.
HSB Workplace Violence Response coverage responds to a growing need for insurance and services designed specifically for the needs of smaller businesses.
HSB said in a recent survey it sponsored of small and mid-size businesses, one-third of those responding believed that incidents of workplace violence are increasing and nine of 10 said workplace violence can happen at any type of business.
The Occupational Safety and Health Administration reports nearly 2 million people suffer from workplace violence every year and the National Institute for Occupational Safety and Health estimates those incidents cost employers more than $120 billion.
HSB Workplace Violence Response coverage is available as an endorsement to the small business policies of property-casualty insurance companies that partner with HSB.
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages.