Beazley has added embedded workplace violence coverage to a number of specialist products accessible to U.S. insurers.
“Greater awareness of the extent and impact of workplace violence and social media’ s power to get the word out mean that this is a rapidly growing risk for organizations,” Libby Benet, underwriter U.S. lead for Beazley Product Solutions, said in prepared remarks.
While the specialist insurer has offered the cover for some time, this is the first time it is being made available to U.S. insurance companies, which in turn will be able to offer it to their clients if they don’t have the offering themselves, a Beazley spokesperson explained.
Beazley added the cover to a range of specialist products U.S. insurers can access through its Beazley Product Solutions team. By partnering on a reinsurance basis with BPS, carriers can offer a number of specialist products to their policyholders – typically small and medium-sized businesses.
Beazley’s embedded workplace violence cover can be added this way by U.S. insurers to their business owner, commercial general liability or professional liability policies. The cover is offered on a 100 percent quota share basis, with BPS handling claims management.
The cover contains a broad definition of workplace violence, encompassing any actual or alleged intentional act or threat of physical violence, harassment, intimidation, or other threatening or disruptive behavior that occurs at work. What’s more, up to $100,000 of cover is available for liability losses incurred by the insured, including damage and defense costs, plus business interruption losses and the costs of employing temporary personnel.