Are You Covered When Doing Business Abroad?

ART JOSETTI
Account Executive

Imagine this scenario: You’re traveling to India on business and you get in a bad accident in your rental car.  Will your policy from back home in the U.S. extend to the damage done to the car?  More importantly, how can you find a safe, quality hospital that you can trust?  Ask the cab driver taking you there and you’ll probably end up at the cheapest place in town – not necessarily where you’ll get the best care.

With the ever-increasing globalization of our economy, more and more organizations are becoming involved in foreign commerce and/or travel.  When you or your employees travel outside of the U.S., make sure they are insured properly. 

Adding international business to the mix presents challenges to your risk management program.  You should not count on your coverages automatically extending to your employees when they’re traveling abroad.  Some policies may provide limited international coverage, while others will not cover your business at all.

Hopefully your company has already addressed these issues, but if you haven’t [or are new to international business], be concerned with the following potential liabilities that may arise:

·         Emergency Medical Care, Evacuation and Repatriation

·         Travel Accident and Medical Accidental Death and Dismemberment for employees

·         Auto coverage [should a rental car be used by an employee]

·         Commercial General Liability, including coverage for suits first brought outside the U.S.

·         Kidnap and Ransom

·         Foreign Property and Business Income [Including Contingent Business Income]

Most Foreign Liability Package policies can protect you from all of the above expenses.  Many policies offer emergency 800 numbers with easy to use ID cards, giving employees [and you] peace of mind when they’re traveling internationally.