XL Catlin to offer workplace violence insurance in US
Re/insurer XL Catlin has entered into an exclusive underwriting agreement with the McGowan Companies to provide workplace violence insurance to US businesses.
Under the agreement, the US-based insurance agency McGowan will offer XL Catlin's workplace violence and stalking threat policy on surplus lines or admitted basis with liability limits up to $5 million. The policy covers expenses related to a workplace violence incident including public relations counsel, psychiatric, medical or dental care, employee counselling, temporary security measures, and rehabilitation expenses, personal accident, legal liability and business interruption expenses.
The company stated that nearly two million American workers are victims of workplace violence each year, according to the Occupational Health and Safety Administration (OSHA). OSHA puts workplace violence as the second leading cause of worksite deaths in the US.
"Continued workplace violence incidents have prompted many businesses to ask – what if it happens to us? And if it does, will we be prepared to handle it?" said Denise Balan, senior vice president and head of US kidnap and ransom insurance business.
"Workplace violence can result in employee injury, business interruption and reputational damage. 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 recover."
Paul Marshall, managing director of McGowan Companies, added: "From higher education to hospitality, from manufacturing to healthcare facilities -- businesses of all sizes, across industries, can find themselves at the centre of a workplace violence incident. By teaming up with XL Catlin, we are able to offer our clients access to the most comprehensive workplace violence insurance on the market."
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