Why Having Kidnapping Insurance Coverage Is Essential for Both Businesses and Individuals

Have you, or has your business, considered getting extortion, ransom and kidnapping insurance? If not, there are several important reasons you may want to add this critical coverage to your insurance package.

Both Individuals and Businesses Could Be at Risk of Kidnappings, Ransoms and Extortion

Unfortunately, both individuals and those associated with a business could be at risk of experiencing extortion, ransoms or even kidnappings. Those most vulnerable could include:

  • High-value businesspeople or their friends and family
  • Employees traveling abroad for business
  • Individuals in highly visible public positions, including public officials
  • Tourists going far from home for their vacations
  • The employees, guests, relatives and other household members of vulnerable individuals such as celebrities

One Well-Rounded Kidnapping Policy Could Cover Several Incidences

Fortunately, a well-rounded kidnapping policy could provide coverage for several of the most common types of incidents. Typical coverage under this insurance usually extends to:

  • Coverage of medical care required due to the kidnapping or ransom event
  • Reimbursement for the cost of support services and losses due to business interruption
  • Coverage of ransom demands
  • Coverage for interest accrued on debts such as bank loans
  • Reimbursement for loss of income
  • Coverage for any losses related to injuries experienced during the kidnapping
  • Protections against cyber extortion

Getting kidnapping insurance could prove immensely helpful in dire situations. These important reasons to get this additional coverage could help you decide whether to add it to your package today.