How much does active-shooter insurance coverage cost? Why should policyholders conduct security reviews and vulnerability assessments?
These are just two of the topics Paul Marshall, McGowan’s director of Active Shooter/Workplace Violence programs, addresses in a conversation on the PRIMA Podcast, produced by the Public Risk Management Association.
“A lot of people think these policies are extremely expensive and unobtainable,” Marshall says. He notes, however, that:
- At the lower end of the spectrum, a small high school with 30 employees and fewer than 200 students could get coverage for around $3,000 per year.
- At the upper end of the spectrum, a large university with 50,000 students could acquire active-shooter insurance coverage for about $30,000-$50,000 per year.
- For municipalities, “Many are finding it very affordable — less than 5% of their current insurance spend on an annual basis,” Marshall says.
Marshall also emphasizes the value of auditing security features, assessing vulnerabilities, and developing a plan to mitigate the risks these processes expose. He also noted that policyholders might enjoy a discount of up to 20% if they do these audits and assessments.
Marshall covers familiar terrain for fans of our blog posts, eBooks, and webinars on active-shooter policies. However, if you’re a newcomer to active-shooter coverage issues, the podcast will give you a concise overview of the fundamentals you need to know, such as:
- Definitions and language you need to understand.
- Exclusions you need to look out for.
- Specific coverage that you usually won’t get in commercial general liability coverage.
Standard business liability policies leave numerous gray areas that ultimately pose a risk to victims of a shooting — both the individuals and the organization or company affected. The clarity of dedicated active-shooter insurance can ameliorate these risks.
“Some programs have the ability to quote virtually anything from rodeos to roller rinks to political national conventions,” Marshall explains. Spelling out specific active-shooter coverage can get benefits to victims much sooner and help prevent litigation down the road, he said.