What is Crisis Management insurance?
Crisis Management coverage is designed to help businesses limit the negative impact of events on the business’ reputation. This insurance is taken to cover expenses incurred to restore confidence in the business. It offers coverage for cyber risks, product recall or contamination, political violence, adverse media exposure, workplace violence, and natural disasters.
How do we do it?
Anviti helps measure and mitigate the risk for organizations against Political Risk, Political Violence including Terrorism, Kidnap and Ransom, Marine Piracy and other associated risks.
Some of the growing risks that a company faces are high profile kidnappings, political insurgency, terrorist attacks, extortion, or employee litigation. These risks can affect a company’s property, contract, and workforce which could lead to significant impact on the business operations and shareholder value.
The key to a crisis is how rapidly one reacts to a crisis which can distinguish between recovering well, or not at all.
Need for Crisis Management insurance
With the globalization and digitization of businesses, the threats have increased. There is global exposure to terrorism, cyber security breach, political risk, kidnap, travel risk, supply chain disruption, product contamination, and adverse media exposure. A Crisis Management coverage is needed to employ a public relations professional to limit the impact on the business. It includes services such as threat assessment, crisis management, impact analysis, and crisis response.