Extortion insurance and kidnap/ransom coverage can help organizations with international operations protect their employees and the company from the adverse financial effects of specific crises.
What Is Extortion Insurance
Any company can fall victim to bad actors, and the risk increases if employees travel abroad. Special crisis management services and insurance types can help provide financial protection and assistance if a company or its employees fall victim to extortionists or kidnappers.
Network extortion can cause catastrophic damage to an organization and destroy credibility. Extortion expense coverage, also called cyber liability insurance, may already be included with your company’s professional liability technology insurance coverage. Talk with your agent to understand your current coverage. They can help you fill in the gaps to provide more comprehensive coverage for your organization.
Kidnap/ransom and extortion insurance may help provide coverage for money paid to kidnappers and extortionists and other expenses resulting from a covered incident.
For many businesses, the threat of potential extortion or kidnapping is a significant concern. Contact Elite Insurance Group today to learn more about insurance policies, including extortion coverage, that can help provide your organization with necessary financial protection.