Proactive “Duty of Care” for Small Business Travelers
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The discussion
For a small or medium size business just beginning to expand into a foreign market, the financial protection of this type of insurance should also be discussed. The financial liabilities that can result from a kidnapping or extortion incident can be crippling for such a firm if they don’t have the appropriate coverage. Beyond a ransom or costs to secure a victim’s release, a business could be on the hook for legal and medical expenses, reward monies, travel accommodations, security guards and a myriad of other expenses including the need for possible adverse publicity rehabilitation. Firms should ensure that they have protection from each of these costs while looking to fulfill the requirements of Duty of Care to their employees.
Kidnap, Ransom, and Extortion insurance is designed to provide companies with a financial safety net and to ensure the victims’ safe return above all else. Obtaining the appropriate coverage to fulfill Duty of Care should be a high priority as small and medium business look to enter less secure environments abroad.
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