Kidnapping often includes ransom, an illegal demand for money in exchange for an individual’s return. This “payoff” can happen to any business, especially wealthier organizations. Ransom usually involves staggering costs that can significantly impact a business’s operations.
What Is Ransom Insurance?
Ransom insurance is known as kidnap and ransom (K&R) insurance. This insurance is stand-alone coverage companies can purchase to protect their employees and assets at home and abroad.
A business should consider purchasing K&R insurance to minimize the financial impact of kidnapping, extortion or illegal detainment. K&R coverage offers several benefits, some of which include the following:
- A network of professionals can step in, assess the situation and plot the best course of action. Many K&R policies provide immediate, priority access to consultants with extensive crisis experience.
- Global protection ensures your organization is protected wherever your workers conduct business.
- Risk mitigation services can assist in identifying potential risk exposures and reducing the risk of kidnapping or extortion.
- Robust financial protection includes coverage for ransom and expenses involved with using third-party assistance for a crisis.
Get Ransom Coverage Today
Save your organization from substantial ransom costs if a kidnapper or extortionist demands money from your company. Elite Insurance Group optimizes the protection of your employees. Contact us today to get started on your ransom coverage.