Why Do I Need Kidnap and Ransom Insurance?

As overseas trade becomes an option for more and more industries, UK businesses are becoming accustomed to sending delegates to all corners of the globe. However, every business that sends its employees overseas in order to meet clients, negotiate with suppliers and attend industry events and conferences should be aware of some of the risks they face.

It is imperative that everything possible is done to ensure staff do not come to any harm while they are away, as companies can find themselves in hot water if they do. Depending on the part of the world you are planning to send your employees to, you will need to think about the type of threats they will potentially come up against.[

Luckily, many regions are entirely safe and you can be confident that your workers will be just fine when they travel on your behalf. But unfortunately, accidents, disasters and attacks do occur from time to time, so it is only wise to be prepared.

One issue that you as a business leader will have to think long and hard about is kidnap for ransom, a situation that has unfortunately become more common in recent times. The good news is that you can gain some security for your staff and your business by investigating kidnap and ransom insurance.

In years gone by, kidnap was something most people associated only with certain parts of the world, but today it is becoming more widespread. There are even countries and zones where making a living from kidnaps is not uncommon, as criminals routinely hold people hostage before demanding ransom money.

Some kidnappers simply work by selecting their victims at random, so even if you feel your employees are not obvious targets, you must still protect them against the possibility of being chosen by chance. Regardless of how someone is taken, paying a ransom is usually the best way to achieve their return.

Kidnap and ransom insurance can be used in a variety of ways in the event of someone being held hostage while abroad. For starters, the policy can enable businesses or individuals to gain access to specialist consultancy services that will aim to aid the quick and safe release of a victim. The insurance provider will often reimburse any money a company has to pay in ransom money to free their member of staff. What’s more, it can also cover lost income, injury and liability, while in some cases it is possible to claim for the theft of ransom cash.

It goes without saying that every case is different and there is no guaranteed plan to overcome the threat posed by kidnappers. But kidnap and ransom insurance companies can even be in a position to provide expert training and expertise on how to avoid such a situation. These policies do not have to be generic and for the long term. You can invest in a particular policy for a single impending trip if, for example, you are preparing to send people to a notoriously dangerous part of the world for a single assignment.

Adler Insurance Group can even able to tailor insurance policies that cover not only the threat of kidnap, but also issues such as general travel and personal accident worries. The aim of this is to give every customer the knowledge and security of being thoroughly protected in any circumstance.

Nobody should be put off the idea of travelling and it can often pay to meet business contacts on their home turf, but it is always wise to take adequate precautions first.

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Adler Insurance

Content creator for the Adler Insurance Group.

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