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?
Sanyog 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.
What can Sanyog do?
Sanyog’s Crisis Management practice is unique. It follows a consultative
approach that helps quantify the exposure to threats of extortion, terrorism, product
recall, product contamination, and piracy and political risks.
Sanyog will help ensure that an organization has a comprehensive and a robust strategy around risk retention, mitigation, transfer, and management.
Sanyog will deliver a combination of insurance market expertise and the right risk management strategies to help an organization protect their people, brand, and assets. Some of the crisis management insurances are as follows:
- Political Risk Insurance
- Sanyog offers Political Risk insurance to offer coverage for companies that are set up in less mature economies where the contracts and loans can be affected by government action. Any unforeseen event could lead to cancellation of export or import license, termination of contracts, confiscation of assets, forced abandonment, etc. Sanyog’s risk experts design a strong risk transfer & management program to respond to an adverse political action. The portfolio will be tailor-made based on the requirement and one which offers a flexibility of coverage.
- Ransom and Extortion Solutions
- Kidnapping is not just traumatic, but it could lead to financial losses, business interruption, reputation damage, litigation, etc. Sanyog’s risk team reviews training facility offered for personnel’s who travel to high-risk locations. Sanyog will offer unlimited access to specialist response consultants who will provide support to a company’s crisis management team.
- Product Recall & Contamination Insurance
- Product recall and contamination insurance offer coverage for costs that are involved in the recall of a product. Sanyog offers consultancy services, where the clients can measure their risk exposure and make informed decisions. Sanyog helps clients find the optimum balance between risk transfer, risk retention, and risk management. Sanyog offers individually structured insurance programs that can help clients protect their balance sheet, brand, people, and reputation.
- Piracy Risk Management
- With several incidents of piracy, the shipping industry needs to protect their interest and ensure that their assets are moving. Sanyog offers end-to-end risk transfer and response solutions to ensure that the crew, cargo, and the vessel are protected against the increasing threat of piracy. Sanyog does a security and vulnerability assessment, voyage risk assessment, crisis planning, etc.
- A terrorist attack can result in human casualty, business interruption, property damage, legal liability issues, and damage to brand and reputation. Sanyog offers crisis consulting and risk transfer expertise to ensure that the clients have the most cost-effective and appropriate program in place. Sanyog will help clients monitor threat activities and trends to offer the best in class program.