Ace Group has launched Image Protect, a product designed to help companies across the Middle East and North Africa region (MENA) effectively manage their reputational risks.
The move stems from the results of a recent study, Reputation at Risk, which found that 92 percent of companies see reputational risk as the most challenging category of risk to manage. The research was conducted by Longitude Research in 15 countries (including several within the MENA region) from April through June 2013, among 650 risk managers, CROs, CFOs, COOs and other executives responsible for buying insurance from companies with turnover of US$250 million-plus.
Ace Image Protect provides cover to protect businesses financially should an accident happen that injures their customers, other visitors or staff, on their premises or any other covered location. Specifics include:
Immediate financial assistance, enabling the insured company to make cash payments to customers and visitors who may have been injured on the premises, in cases of accidental death and accidental permanent or partial disability. By providing immediate financial assistance to people who have been injured without the requirements for any legal process or determination of fault, this benefit potentially saves money for the company through helping to mitigate the risk of expensive reputational damage, and reducing the likelihood and severity of any associated future litigation.
A dedicated budget for incident response, enabling a company to hire the right experts who can help it to reduce reputational risk in the aftermath of a mass-loss incident, i.e., through providing professional counselling and PR/ communications services.
A choice of four coverage options according to the company’s individual needs. Companies can choose to cover the following risks on the company’s premises or at an agreed location:
- Option 1 – acts of terrorism;
- Option 2 – cases of assault, hold up, hostage, strikes, riots or civil commotions, fire, collapse or explosions, and natural disasters;
- Option 3 – cover for any accident that occurs;
- Option 4 – all three above options.
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