NEW YORK, Feb. 3, 2016 /PRNewswire/ -- As more businesses boost security efforts and take added precautions to prevent acts of workplace violence, XL Catlin today introduced a new insurance policy to help mid-size companies in the US respond and recover from such incidents.
"Unfortunately, in just the last few months, recent attacks at the workplace have forced many businesses to re-think existing security measures in place to protect their employees." said Denise Balan, Americas Head for XL Catlin's Crisis Management insurance business, "Any act of 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".
The Occupational Health and Safety Administration (OSHA) estimates that nearly 2 million American workers are victims of workplace violence each year, with still more cases going unreported. According to OSHA, workplace violence is the second leading cause of work-site deaths in the US.
"Our policy is specifically designed for mid-size institutions and businesses, especially those involved in higher education, hospitality, manufacturing and healthcare facilities. These particular sectors have seen their share of violent acts," noted Ms. Balan. "In fact, according to the US Bureau of Labor statistics–the workplace violence rate within the healthcare industry is more than three times greater than the rate for all private industries. Additionally, mid-size businesses do not typically have easy access to crisis management resources. This policy offers both coverage for expenses and access to our risk management consultancies to help handle a crisis situation should it arise."
With liability limits up to USD 25 million, XL Catlin's Workplace Violence and Stalking Threat insurance covers expenses related to public relations counsel, psychiatric, medical or dental care, employee counseling, temporary security measures, and rehabilitation expenses, personal accident, legal liability and business interruption expenses.
According to Ms. Balan, XL Catlin's coverage is amongst the most comprehensive policy in the marketplace and includes legal liability coverage to address legal expenses or lawsuits that can result from an incident. A special endorsement is also available to provide the company and its employees coverage for an "off site incident," an act of workplace violence that may occur at a client or vendor's facility for instance.
XL Catlin's Crisis Management insurance business helps businesses operate in an increasingly volatile world, providing businesses with Product Recall, Product Contamination, Kidnap, Ransom & Extortion, and Terrorism coverages, among others. XL Catlin's Crisis Management team helps clients take a holistic approach to avoid or manage a crisis; providing preventative consulting resources and expertise to help businesses address food safety, a disappearance, a violent act as well as regulatory and reputational issues.
About the XL Catlin Insurance Operations
The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group plc's (NYSE: XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
SOURCE XL Catlin