Insurance plays an integral part in crisis management | KPMG | CA

Insurance plays an integral part in crisis management

Insurance plays an integral part in crisis management

Three insurances that are critical to an efficient crisis management plan: Fidelity insurance, cyber insurance and business interruption insurance.

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 Insurance plays an integral part in crisis management

From fraud, to fire, to cyber-attacks, organizations need to have a proper crisis management plan to respond efficiently and effectively to unexpected incidents. Insurance plays a critical part in the plan as it can provide the funds to minimize the financial impact and can help cover the cost of claims investigations, quantification of losses, public relations and get the business back on track.

This edition of Forensic Focus  explores three key types of insurance:

  • Fidelity Insurance – Covers losses resulting from fraudulent/dishonest acts committed by an employee acting alone or in collusion with others.
  • Cyber Insurance – Covers losses resulting from cyber-attacks such as the transmission of fraudulent/unauthorized data which is meant to alter, damage, destroy or otherwise, within a system and without authorization.
  • Business Interruption Insurance – Covers losses from incidents such as fire or flood where an organization stops operating for a period of time or at reduced capacity. It may also be acquired to cover indirect situations where for instance, a supplier/customer stops operating and causes losses to your company.

Contact us to discuss how we can help identify the most appropriate coverage for your organization's needs.

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