Eleven Things to Know About Workplace Violence Insurance
Acts of violence are carried out at workplaces across the U.S. at a staggering rate every year. In fact, nearly 2 million Americans will fall victim to abuse, injury, trauma or death by the end of 2019. The enormity of that fact bears repeating: Two million American workers, and the businesses that employ them, will be impacted by workplace violence just this year alone.
With the rise in both the number and severity of these incidents, it’s important to understand the risks associated with workplace violence and to begin putting measures into place to protect your employees, company assets, brand and reputation.
11 Things to Know about Workplace Violence Insurance
- More than $100 billion is lost to workplace violence each year; most of that is from uninsured claims.
- Workplace Violence insurance policies, also called Active Shooter and Active Assailant, is a type of gap coverage used to supplement General Liability policies.
- Traditional property and casualty insurance policies very rarely cover acts of violence, active shooters, or terrorism in the workplace.
- Only a handful of insurance carriers currently offer Workplace Violence coverage, but look for that number to grow in 2020 as a result of demand.
- These policies vary widely with regard to exclusions, terms and conditions. Be wary of narrowly written policies that exclude certain types of violent acts, the use of vehicles, and limited coverage of employees.
- Comprehensive policies will cover everything from the human costs associated with injured people, to the intangible costs of restoring business operations and reputational damage.
- Workplace Violence policies should cover all employees, including employees traveling offsite and those working remotely.
- Other coverage terms can and should be tailored to meet your organization’s needs and budget. In other words, a Workplace Violence policy might look quite different for a social service organization than for a retail outlet.
- Coverage limits can range from $1 million to $100 million on both primary and excess liability. Premiums start at around $1,800 annually.
- Evaluating and comparing coverages is key to developing an effective Workplace Violence program, and that includes reviewing General Liability policies for gaps and overlaps in coverage.
- Implementing onsite security measures and conducting employee drills and training will not only make your employees better equipped to handle a workplace attack, it could also secure you better rates and terms on your insurance policy.
To find out more about Workplace Violence insurance, to get a free quote, or to learn more about how to better manage your risk relative to workplace violence, call Sentinel today at 855-490-2528, or email us at: info@sentinelra.com.
Protus3, a Raleigh-based security consulting firm, is an excellent resource on workplace violence prevention tactics. Visit their newsroom here.
