HSB, part of Munich Re, today announced 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.
“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.
Small Business Owners Worry About Increasing Workplace Violence
HSB 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 Occupational Safety and Health Administration reports nearly two 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.
Hartford Steam Boiler (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. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2019 Pacific typhoon season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.