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All About Kidnap and Ransom Insurance

Does your business cause your employees to travel to foreign countries? If so, and these countries include Mexico and places in the Middle East, you should consider purchasing a kidnap and ransom insurance policy to best protect your employees. This type of insurance is used to reimburse companies for possible ransom payments if an employee were to be kidnapped, hijacked, or fall victim to a terrorist attack while abroad. Elite Insurance Solutions would like to answer some questions about kidnap and ransom insurance that we have been frequently asked to help you understand exactly what this policy entails and if you should purchase this type of coverage for your employees.


What exactly does kidnap and ransom insurance cover?

This type of insurance coverage addresses the exposure and liability of a company if an employee is kidnapped. Kidnap and ransom insurance also typically covers losses due to extortion (including cyberextortion) and terrorism. Not only is the company reimbursed for the ransom under this policy, but this insurance can also cover the costs of a professional crisis management team and a negotiator to resolve the incident, a public relations team to protect the image of the company, any damage to property, payments of reward for information that leads to resolution, travel expenses, and more. The kidnapping victim can also receive coverage for dental, medical, cosmetic, psychiatric, and rehabilitation care, loss of income, child care, personal financial loss, and, in the worst case scenario, funeral expenses.

Why would a kidnap and ransom insurance policy be beneficial for my business?

According to the article “Firms Snatch Up Kidnap and Ransom Insurance “ from Bankrate, one of the best reasons for a smaller business to have this type of insurance coverage is that is can be a cost-effective way to add a security force to the company. The product manager for crime insurance products at Travelers Insurance says, “A large company will very likely have a security arm or in-house security staff, whether to simply guard the building or advise executives on security matters, where a lot of smaller companies don’t have access to these resources. All major K&R (kidnap and ransom) insurers have associations with a crisis response firm that will provide guidance and assistance to their customers, to review security and travel protocols. It puts the emphasis on prevention rather than insurance. If your business has no security staff or advisors and requires travel to hot spots around the world, kidnap and ransom insurance is extremely worth it for your company and your employees.

Have questions about kidnap and ransom insurance? Contact Elite Insurance Solutions to learn more about this and other business insurance policies. Our agents will be able to give you the exact amount of coverage your business needs.

Types of Business Insurance

Your business is one of the most important investments in your life, and you want to be sure it is fully protected with the best insurance policy available for your company. Our agents at Elite Insurance Solutions are experts at finding the right coverage to keep your business interests safe. We know the choices and options of business insurance policies can be overwhelming, so we would like to tell you about the different types of coverages to consider. The following information from the U.S. Small Business Administration can help you decide which types are best for you and your business.


To protect your business in the event of an accident, an injury, or a claim of negligence, a general liability business insurance policy will cover any payments as the result of bodily injury, property damage, medical expenses, libel, or slander. This type of coverage also covers the costs of defending lawsuits and settlement bonds or judgments needed in an appeal.



If your business manufactures, wholesales, distributes, or retails a product, you may be found responsible for its safety. A product liability business insurance policy protects you financially if you ever deal with a defective product that causes bodily harm or injury. Elite Insurance Solutions can help you find the right coverage to fit the products you sell or manufacture.


Also known as errors and omissions insurance, a professional liability insurance policy will protect your business from malpractice, errors, and negligence in provision of services you provide to customers. The state of Tennessee requires certain professions, like doctors, to carry this type of insurance.


Covering lost and damaged property, including loss of income, buildings, computers, and business documents, a commercial property insurance policy is used in the event of fire, smoke, storms, civil disobedience, and vandalism. You can choose between an at-risk policy, which covers a wide range of incidences, and a peril-specific policy, that only covers certain risks, such as fire, flood, and crime. Elite Insurance Solutions can assist you with choosing the best commercial property insurance policy for your particular situation.


If you operate your business from your home, you cannot rely on your homeowner’s insurance policy to cover any business losses you could suffer. Our agents can look into adding special riders to your home insurance policy to cover your business as well as see if you need additional policies to cover other risks.

To be completely protected in your own business, contact Elite Insurance Solutions to talk to one of our agents about covering this significant investment.