Advancements in technology and our ability to rapidly communicate with people all over the world are making it easier for US based companies to expand overseas. Whether your company is beginning to sell/ship products to other countries, starting to manufacture products overseas, or simply forming strategic partnerships with foreign companies, you are opening up your employees and company to a whole host of new exposures.
The first things that come to most business owner’s minds are usually the tangible exposures. How do I insure my products or facilities abroad? Does my worker’s compensation work while in other countries? Am I covered if my product or an employee causes property damage or bodily injury to a 3rd party while abroad? What if I am in an auto accident while visiting foreign customers?
All of the above are very important concerns to have and must be addressed, but one very common exposure that is often overlooked is the possibility of an employee being kidnapped and held for ransom while abroad. With the instability we are seeing throughout the world, this is becoming a greater exposure for companies sending employees and executives abroad, thus making Kidnap and Ransom insurance a topic of discussion for many companies.
The below link to a Kidnap & Ransom Global Summary from Constellis provides great insight to the exposures multinational companies are facing as well as some key statistics associated with the kidnapping of foreign citizens abroad. It is definitely worth a read if your company is sending employees abroad.
If Kidnap & Ransom insurance is a topic you would like to explore even further, please contact a member of your Hausmann-Johnson Insurance team.
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