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Active Shooter / Workplace Violence Insurance and Risk Protection

Posted by Paul Marshall on March 5, 2018 at 3:28 PM

As years pass, we are witnessing an increasing threat of shooting incidents. In 2017, one mass shooting per day was recorded on average, a trend that has seen a steady increase during the last decade. Standard insurance policies have struggled to respond in a satisfactory manner, which is precisely the reason why new and improved policies emerged.

New Insurance Policies in Place of Old

Active shooter/workplace violence insurance is a current answer to the current problem. It is a recent development that derived from standard insurance policies containing a number of “gray areas” with regards to mass shooting coverage. Most standard policies do not provide response for active shooter events and contain many exclusions, which limits the policy’s effectiveness.

Newer policies offer a complete set of services that cover all aspects of insurance. Among other things, they include crisis management and victim benefits such as counselling, medical or funeral services. These policies aim to eradicate grey areas and offer a holistic insurance solution. Prices will vary on the property size or number of employees, but often account for less than 5 percent of a company’s annual insurance spend.

Managing Risks Inside the New Policy

Active shooter/workplace violence insurance relies heavily on vulnerability assessments, which many public entities are already employing. These assessments should include risk mitigation strategies (assessing the risk, seeking gaps and mitigating them), scenario training, simulation stress testing and price management. Managing risk is highly dependent on the employees’ skills to manage the crisis, particularly as the number of threats increase.