XL Catlin and The McGowan Companies have an exclusive underwriting agreement to start marketing workplace violence insurance to U.S. businesses.
The arrangement calls for The McGowan Companies, a company known for its specialized insurance programs, to start offering XL Catlin’s Workplace Violence and Stalking Threat insurance on surplus lines or admitted basis, with up to $5 million in liability limits.
A number of expenses that stem from workplace violence are covered by the policy, including public relations counsel, psychiatric, medical or dental care, employee counseling, temporary security measures rehabilitation expenses, personal accident, legal liability and business interruption expenses.
Denise Balan, an XL Catlin senior vice president and head of US Kidnap & Ransom insurance business, said that businesses see workplace violence happening around them and increasingly wonder if they will be prepared for it.
“Workplace violence can result in employee injury, business interruption and reputational damage,” Balan said in prepared remarks. “Our Act of Workplace Violence and Stalking Threat Insurance combines comprehensive expense reimbursement with access to crisis management consultants, all aimed at assisting businesses with minimizing the threat of workplace violence, and in the event that it occurs, helping them to recover.”
Close to 2 million American workers are victims of workplace violence each year, according to Occupational Health and Safety Administration statistics cited by the XL Catlin/McGowan Companies announcement.
Workplace violence was among the emerging risks to watch for in 2017, according to a September 2016 report from Aon Global Risk Consulting.
Source: XL Catlin, McGowan Companies