Matt Benge

Matt Benge

By Matt Benge, Consultant

 

As the world’s risks and dangers continue to evolve, so does the insurance marketplace’s offerings to protect employers.

Unfortunately, workplace violence and terrorism are becoming more common threats to a company’s ability to function and their employee’s wellbeing.

Insurance companies have noticed this and are now offering coverage resulting from workplace violence incidents (the industry buzz word is “Active Shooter Policy”), political violence, terrorism and of course, cyber attacks. The coverage is intended to fill critical coverage gaps in traditional general liability, workers compensation and property policies.

Here are some of the coverage highlights from a policy that Starr Companies has authored:

  • Political Violence and Terrorism

–              Provides cover for 1st party Property Damage, Business Interruption losses, Contingent Business Interruption, and 3rd party liability losses resulting from an act or hoax of politically-inspired violence (strikes, riots, civil commotion, sabotage) and terrorism

  • Workplace Violence Expense
  • Reimburses expenses resulting from any Workplace Violence incident involving an Insured Person

Reimbursed expenses include (but are not limited to) Workplace Violence and Stalking Threat Expenses (to include Security Consultants/Guards, Public Relations Consultant, Counseling Seminars, Salaries, Medical Benefits, etc.), Business Interruption Loss, Temporary Business Relocation, Loss of Life Benefit, and Defense Costs

  • Cyber Security Expense & Liability

–              3rd party liability claims stemming from a security failure on the part of the Insured

–              Privacy Crisis response expenses in the event of a data breach (expenses covered include notifications, credit monitoring, and forensics)

–              Costs expended to respond to a cyber extortion threat

  • Crisis Response Expenses

Reimburses Crisis Response costs and/or Crisis Management costs that are a result of Injury, Property Damage, or Imminent Injury arising out of a crisis event. These costs include (but are not limited to) Crisis Transportation Expenses, Crisis Psychology Expenses, and Funeral Expenses.

We also partner with other insurance companies that offer “Active Shooter Education” to our insureds and their employees through onsite training/seminars.

Threats in the workplace both violent and non-violent are on the rise so get ahead of the curve by talking to your broker about opportunities to insure for these risks.