HSB offers workplace violence insurance for small businesses

HSB, part of Munich Re, is offering a new workplace violence insurance coverage for small to mid-size businesses.

The cover provides counselling, 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 counselling for employees and their immediate family members.

“With violence rising in today’s workplace, incidents can happen to any business,” said Stephanie Watkins, HSB senior vice president. “The economic loss can be severe, and many smaller businesses don’t have the resources to help employees cope. We designed our coverage to help small to mid-size businesses respond quickly and effectively when violence strikes.”

HSB Workplace Violence Response coverage helps 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.

Unlike some other insurance programs, HSB’s workplace violence 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 said its Workplace Violence Response coverage responds to a growing need for insurance and services designed specifically for the needs of smaller businesses.

In a recent HSB-sponsored survey of small and mid-size businesses, one-third of those responding believed that incidents of workplace violence are increasing and nine of ten said workplace violence can happen at any type of business.

The statistics support their views: the US Occupational Safety and Health Administration reports that nearly two million people suffer from workplace violence every year and the US 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.