HSB Canada Launches Employment Practices Liability Insurance for Small Businesses
2024/05/07
Press Release
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- 80 percent of Canadian employees experience harassment at work1 and 4 in 10 Canadian small businesses worry about legal action brought by staff2
- Pays for liability and defense costs from claims alleging unlawful employment practices, including discrimination, sexual harassment and wrongful dismissal
- Complimentary services include a legal advice line, providing general counsel on employment and small business issues
Employment Practices Liability Insurance Provides Valuable Protection
Specialty insurer HSB Canada today introduced Employment Practices Liability Insurance, a new coverage to help small businesses respond to claims arising from employment-related practices.
“Employment-related claims are increasing in prevalence and complexity due to a changing social and legal environment,” said Terry Smith, vice president treaty client management at HSB Canada. “Small businesses are particularly exposed because they typically do not have dedicated human resources or finances to deal with legal issues and payouts that could reach tens if not hundreds of thousands of dollars.”
The offering covers not only claims brought by employees but also by any third party, including customers or vendors.
In addition to coverages against liability and defense costs, HSB provides a legal advice line for business owners, consisting of access to lawyers offering guidance on a broad range of small business issues.
HSB Canada provides this turn-key solution, including underwriting, marketing and claims support, through partner insurers.
1Respect at Work research report, April 2022, Western Centre for Research and Education on Violence Against Women and Children, and Canadian Labour Congress. 2HSB and Forum Research report, September 2022.
HSB Canada, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB Canada’s insurance offerings include equipment breakdown, cyber risk and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). Connect with HSB Canada on LinkedIn.
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
© 2024 The Boiler Inspection and Insurance Company of Canada, part of HSB Group. All rights reserved. This is intended for information purposes only and does not modify or invalidate any of the provisions, exclusions, terms or conditions of the policy and endorsements. For specific terms and conditions, please refer to the coverage form.
