Toronto, Canada: HSB Canada, a subsidiary of Munich Re, has announced the launch of its new Employment Practices Liability Insurance, designed to safeguard small businesses against the rising tide of employment-related claims.
This innovative coverage arrives at a time when small enterprises face increasing threats from a rapidly evolving social and legal landscape.
Terry Smith, Vice President of Treaty Client Management at HSB Canada, highlighted the vulnerability of small businesses, which often lack the resources to navigate complex legal challenges and potential financial liabilities that can escalate into the hundreds of thousands.
The comprehensive coverage extends beyond employee-initiated claims to include potential legal actions brought by third parties such as customers or vendors. In a move to bolster the resilience of small business owners, HSB Canada also offers an exclusive legal advice line, providing access to expert legal counsel on a wide array of business-related issues.
HSB Canada’s turn-key solution encompasses underwriting, marketing, and claims support, delivered through a network of partner insurers. This initiative is backed by research from the Western Centre for Research and Education on Violence Against Women and Children, and Canadian Labour Congress, which underscores the necessity of such protections in the workplace.
As a multi-line specialty insurer with a 150-year legacy, HSB Canada continues to merge its engineering acumen with cutting-edge technology and data analytics to develop forward-thinking insurance and service solutions. These offerings are tailored to address both current and future risks associated with technological advancements.
HSB Canada’s commitment to loss prevention, energy sustainability, and fostering strong client relationships has earned it the highest financial rating of A++ (Superior) from A.M. Best Company, solidifying its position as a trusted leader in the insurance industry.
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