Specialty insurer HSB Canada has rolled out an employment practices liability insurance product to aid small businesses in managing claims related to employment practices.
“Employment-related claims are increasing in prevalence and complexity due to a changing social and legal environment,” explained Terry Smith (pictured), vice president of 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 comprehensive coverage extends beyond employee-initiated claims to include those from third parties such as customers and vendors. HSB Canada’s product also features a legal advice line that offers business owners access to legal expertise for navigating various small business challenges.
The company packages the insurance solution with complete underwriting, marketing, and claims handling support provided through its partners.
HSB Canada’s new offering comes on the heels of last month’s leadership change at the firm. On April 1, Barbara Bellissimo succeeded John Mulvihill as president and chief executive.
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