Globalization is a term that describes the integration of economies across the globe through the process of procuring goods, services, and capital all over the world. Advancements in technology have rapidly increased globalization, offering a wealth of benefits to businesses in the global marketplace. While there are mixed views on globalization, proponents argue that it can level the playing field between small and large companies and provide lower prices and more accessibility to consumers. The use of technology allows business owners and decision makers to connect anywhere in the world without ever setting foot on an airplane, but occasionally some international travel is necessary.
Business travel, whether domestic or international does not come without a degree of risk. In order to maximize the benefits of global business dealings, risk management for international business travel needs to be a top priority. Below are some options for international risk management coverage.
Business Travel Insurance
Just like standard personal travel insurance, business travel insurance can help cover expenses related to lost or stolen belongings or cash, missed or canceled flights and more, trip cancellation or curtailment and more. Personal travel insurance often excludes coverage for business travel, so it’s important to obtain coverage that is tailored to businesses. Additionally, business travel insurance usually covers additional risks or offers higher limits over what personal travel insurance can offer.
Similar to business travel insurance, trip interruption provides coverage for situations in which the traveler has to unexpectedly end or change their trip. It provides much more specific coverage and can reimburse the traveler for their unused pre-paid trip costs (and sometimes even above that amount) when the trip has to be abandoned for a covered reason. It can also cover transportation costs in the event a business traveler has to delay or reroute their travel mid-trip.
An unexpected medical emergency while traveling internationally can be extremely costly. Medical expense coverage can be purchased prior to an international business trip to cover any costs that result from a covered medical expense. In some extreme cases an emergency evacuation ends up being necessary, but coverage can be tailored for that as well.
Kidnap Ransom Extortion Insurance
Business travelers are often targeted by kidnappers looking to get a nice sum of money in exchange for returning them safely. While this is a scary thought, it’s not an uncommon situation and it is wise to obtain coverage prior to sending business travelers to another country. This type of policy usually includes coverage for death and dismemberment, ransom or extortion payments, recall costs, business interruption costs, consultant costs, and more related to corporate kidnapping. It can also be tailor to cover employee theft, forgery, or robbery of corporate assets that occur during travel.
Factors such as delayed flights, transportation crises, terrorist attacks, natural disasters, and theft can make a business trip much more costly than it should be. Suddenly, a trip that was designed to help bring in more profits is now cutting into them instead. Insurance that is specifically tailored to cover the risks of international business travel can help more businesses reduce financial losses while taking advantage of the benefits of globalization.
Formed in 2013, AmSuisse, Inc. has quickly distinguished itself as a wholesale operation that specializes in working very closely with our agents and broker partners to develop responsive, individualized service for each client. Our unparalleled writing support, industry-specific expertise, marketing support, responsive proposals and quotes, strong customer service, and strong relationships with our carrier partners have all helped us to provide the best possible coverage for our clients. To learn more about our available coverage, contact us today at (800) 485-0229 to speak with one of our representatives.