ACE Group announced the launch of Image Protect, a new insurance product designed to help companies across the Middle East and North Africa region effectively manage their reputational risks.
A recent study conducted by ACE with businesses across 15 countries, including several within the MENA region, found that 92% of companies believe that reputational risk is the most challenging category of risk to manage.
ACE Image Protect has been designed to address this concern by providing 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.
More specifically, companies can benefit from immediate financial assistance, enabling the 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.
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, for example 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.
"In today’s highly connected, 24/7 news-cycle world, reputational risks are a key source of concern for MENA companies as they can cripple their most valuable asset: their image. This can be a particular challenge for those with premises or facilities that are frequently visited by the public, and those who may not have the in-house resources they may need to deploy in case of an incident.
ACE Image Protect provides companies in MENA with the support and confidence they need in order to deal with a range of incident-related reputational risks."