Small and midsize businesses are the designated market for a new insurance product from Hartford Steam Boiler (HSB) that covers workplace violence, the specialty insurer announced this week.
In the aftermath of a violent event, the new HSB plan covers expenses including counseling, crisis communications, lost business income and security.
“We designed our coverage to help small to midsize businesses respond quickly and effectively when violence strikes,” said Stephanie Watkins, HSB senior vice president. “With violence rising in today’s workplace, incidents can happen to any business.”
The plan — called HSB Workplace Violence Response — covers incidents that occur within 100 feet of the client’s business and defines “weapon” broadly. It also covers events that don’t involve a weapon but result in a workplace homicide.
HSB said it had sponsored a survey of small and mid-size businesses and found that one-third of those responding believed that incidents of workplace violence are increasing. Nine out of 10 said workplace violence can happen at any type of business.
According to the Occupational Safety and Health Administration, nearly 2 million people suffer from workplace violence every year; the National Institute for Occupational Safety and Health estimates those incidents cost employers more than $120 billion.
HSB is a division of Germany-based Munich Re, a multi-line specialty insurer and provider of inspection, risk management and IoT technology services.
