Some larger businesses conduct sales or handle matters directly in other countries. While this direct approach can forge stronger relationships that can benefit both businesses, there are also inherent risks and hazards for traveling employees and executives. To mitigate these potential risks, companies and insurance agencies create a customized foreign package insurance plan that covers specific exposures that employees may potentially encounter.
Also known as Foreign Voluntary Workers’ Compensation, this coverage encapsulates many diseases and injuries a U.S. employee would face while working in another country. The plan covers all expenses related to medical treatments, including transportation back to the U.S. if deemed necessary. Source: https://www.tangramins.com
Kidnap, Ransom and Extortion
An employee in unfamiliar territory can be vulnerable to kidnapping, extortion and other similar crimes. This coverage type provides the necessary money to deal with such situations. The protection can also extend to the employee’s family members if they are victims as well.
Sometimes, employees need to rent vehicles to conduct business in another country. The organization can prepare them with this coverage, which protects them in case physical damage and liability come into play. This coverage can complement the foreign rental company’s required insurance.
Business travels to another country can be exciting and enlightening, but they also carry unique risks. A comprehensive foreign package insurance plan reduces these dangers and encourages further international alliances.