XL Catlin has introduced a new insurance policy to help mid-size companies in the U.S. respond and recover from incidents of workplace violence.
According to Denise Balan, Americas Head for XL Catlin’s Crisis Management insurance business, an act of workplace violence can result in employee injury, business interruption and reputational damage. XL’s Act of Workplace Violence and Stalking Threat Insurance combines expense reimbursement with access to crisis management consultants.
The Occupational Health and Safety Administration (OSHA) estimates that nearly 2 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.
“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.
XL Catlin’s coverage 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 provides businesses with product recall, product contamination, kidnap, ransom & extortion, and terrorism coverages, among others
The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.