Insurance for Workplace Violence
Workplace violence is a topic we all fervently hope to never encounter personally, but unfortunately, it is a topic we hear about in the news often. Insurance exists to help financially make people whole after tragic events occur, including a loss of house, auto, business, health, or life. Sadly, people have experienced extreme loss due to workplace violence, and insurance carriers want to provide coverage to help their clients in the face of such tragedy.
What is considered workplace violence in the first place? Different insurance carriers will define this in different words. For example, the definition can include intentional criminal acts, the use of an object or weapon for the purpose of causing injury to another person, one or more persons sustaining serious bodily injuries in the event, and imminent threat of serious bodily injury or death. Unfortunately, workplaces have seen a large uptick in mass shootings and violent events over the past few years, which has been documented by the FBI.
Violent event response coverage is an optional liability coverage offered to businesses that can include many advantages, such as group and personal counseling, death and funeral benefits, loss of income, wage replacement, media and public relations support, medical expenses, security services, forensic analysis, and more. Many carriers also offer loss control services where professionals in the field will visit your business locations, assess any hazards that pose a potential safety risk, and advise on how to mitigate those risks with viable solutions. Going through this process will help keep your business safer prior to any loss.
A business’s loss by workplace violence can devastate the company and its revenues, and such a loss can force a business to close its doors forever. If your business works with the public, it can be at even greater risk for loss. Doing what it takes to protect your business, employees, and livelihood from workplace violence is of utmost importance in the world we live in today. To find out if you have the proper insurance, you need or for any insurance inquiries, contact your agent today.
DISCLAIMER: Coverage for the exposures mentioned in this blog post is dependent on the specific policy language of each individual policy and adjuster review determining the cause of loss.
References:
https://www.emcins.com/EMCNews/?Br=E&src=email&date=20230223&Key=000005377#000005377
https://www.emcins.com/Docs/ofiLib/MK/AA065002213_20200123.pdf
https://www.emcins.com/Docs/ofiLib/MK/AA065002217_20200130.pdf