A subject that should never be far from the minds of employers expanding into new areas is the personal safety of the staff they are sending into the field. Those doing business in foreign markets, especially in countries with unstable governments, have to face the fact that there are inherent risks to Americans working and/or travelling overseas, and therefore risks to the companies that employ them.
The horrible ordeal of a kidnap and ransom situation cannot be sugarcoated, but it is vital that your company do everything in its power to be prepared for the worst. If you are operating in a country that has a significantly high level of kidnapping risk, then you should look into placing Kidnap/Ransom & Extortion coverage. Purchasing proper coverage is only one of the risk mitigation strategies an organization can implement in order to mitigate risks associated with operating in countries that are considered “high risk”. There are measures an organization’s senior management can utilize to take a more proactive approach to these types of risks, such as identifying countries’ specific risks and implementing proper risk mitigation policies and procedures. An experienced risk professional can provide a company’s leadership with the transparency it requires to understand specific needs based on the risks associated with the country of operations as well as the risk profile of the company. This type of transparency will not only allow a company to purchase proper coverage that provides financial cover for ransom demands and all associated expenses, but also give them access to the insurer’s networks of security response firms and crisis managers. As soon as a demand comes in, there is a number to call and someone waiting at the other end of the line who will know what to do when time is of the essence. The peace of mind that results from knowing that if the unthinkable happens there will be someone with vast experience guiding you through the process can make the difference in the success of an overseas venture.
If you would like more information on the risk mitigation measures that can help your company do business in new markets, contact our Managing Principal Albert Sica at 732.395.4251 or [email protected].
