Author: John Reints
As insurance agents well know, small businesses are the backbone of the economy, employing millions of people and contributing to local communities. However, did you know that they are also particularly vulnerable to workplace violence incidents? Small businesses may not have the financial resources to cover these costs, which can be significant. Agents can help their small commercial clients be prepared for these risks by offering a workplace violence insurance policy with every quote.
What is workplace violence insurance?
Workplace violence insurance provides coverage for costs associated with workplace violence incidents, including physical assaults, threats, harassment, and active shooter situations. The policy can cover a wide range of costs, including legal defense, medical expenses, counseling services, crisis management, and business interruption losses. The policy can also provide coverage for reputational damage and other related expenses.
Why small businesses need workplace violence insurance
According to the Occupational Safety and Health Administration (OSHA), workplace violence is a leading cause of fatalities among workers in the United States. Small businesses are especially vulnerable to workplace violence due to their limited resources, lack of security measures, and their close-knit work environment.
The consequences of workplace violence can be severe. In addition to physical harm to employees, workplace violence incidents can result in legal liabilities, business interruption, reputational damage, and other related expenses.
By having a workplace violence insurance policy, small businesses can protect themselves and their employees from the financial and legal consequences of workplace violence incidents. The policy can provide coverage for a range of costs, including medical expenses, legal defense, counseling services, and business interruption losses. This can help small businesses to recover from a workplace violence incident and continue to operate.
What does workplace violence insurance cover?
Workplace violence insurance can provide coverage for a range of costs associated with workplace violence incidents. The policy can cover the following expenses:
Legal defense: If a small business is sued by an employee or other party for a workplace violence incident, the policy can provide coverage for legal defense costs.
Medical expenses: The policy can cover medical expenses for employees who are injured in a workplace violence incident. This can include hospitalization, surgery, and other related expenses.
Counseling services: Workplace violence incidents can be traumatic for employees. The policy can provide coverage for counseling services for affected employees.
Crisis management: If a workplace violence incident occurs, the policy can provide coverage for crisis management services. This can include communication with employees, the media, and other stakeholders.
Business interruption losses: If a workplace violence incident results in a temporary closure of the business, the policy can provide coverage for lost income and other related expenses.
Reputational damage: Workplace violence incidents can damage a small business's reputation. The policy can provide coverage for costs associated with repairing the business's reputation.
Other related expenses: Workplace violence incidents can result in a wide range of expenses. The policy can provide coverage for these expenses, including investigation costs, security measures, and other related costs.
When purchasing workplace violence insurance, it is important for agents work with an experienced insurance carrier who understands the unique risks faced by small businesses. The broker can help the business to assess its risk level and identify the most appropriate coverage options.