Group Corporate International Insurance Plans
An international assignment or traveling for a work trip can be an incredible life experience as well as an opportunity for your employees to grow within the company. International consultants can be a valuable asset to your business, bringing global expertise and contacts. Yet when your company sends employees overseas, you are responsible for them and their travel costs. Events beyond your control can increase those costs or, worse, endanger your employees.
To cover your employees’ health and safety – and your company’s liability – you need global insurance for corporations and employee groups overseas. A corporate insurance plan can save time and money for your company’s international employees. We can work with you to find the best plan for your company and your employees.
Scenarios When Your Company Needs Global Benefit Package
Here are some examples of when your company should provide international insurance for your employees.
- Your company is growing internationally, and more of your employees travel abroad more often.
- International consultants are coming to your home offices for a 3-month assignment.
- You are hiring new international employees who will be moving abroad for an extended period, six months or longer.
- You are sponsoring an international conference for your salesforce. You want to protect your investment should the conference get canceled. You also want to cover your employees while they are outside of their home country.
Providing your workers with the right international medical and travel insurance will ensure your company can breathe easily. Your employees will be insured should any unexpected events arise while they are working outside their home country.
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Why is International Insurance Necessary for My Employee Group?
Are you in charge of corporate benefits or travel for employees working internationally? It’s your responsibility to make sure your employees are aware of the risks of their travel destination. If you’re sending these employees overseas to represent your corporation. It’s crucial they are adequately insured to protect against unforeseen accidents, injuries, security risks or trip cancellations. We want employees to be able to carry out their work assignments free of worry. If you are hiring employees from different countries, then an International PEO mat help you navigate the legal and administrative waters.
Three Steps to Plan Your International Corporate Health Insurance Coverage
A plan that applies group international insurance to your teams saves you time and money. You can customize a plan for your anticipated numbers and your employee and company needs. These three steps show you how to analyze your company’s health and travel insurance needs and guide you in choosing your company’s coverage.
1. Get Ready to Describe Your Company’s Status, Base, and Locations
First, as with most international group health plans or travel insurance for groups, you want to review your existing plans, including benefits and exclusions. Check to see if your existing plan has current coverage around challenges like pandemics or travel disruptions caused by extreme weather. Also, note how much you are paying currently.
Next, review your company’s base and locations. For insurance, you need to establish which of these descriptions matches your company today:
- U.S. company with employees traveling internationally
- U.S. company with operations abroad, including offices, manufacturing, or technical facilities
- International company with a central office outside the U.S. and offices worldwide
- International company with operations and employees in the U.S.
Each company type above can have international insurance plans tailored to meet requirements.
If your company is growing, you may need to update your description. When your company is planning to grow internationally over the next year, it’s worth planning your insurance coverage in advance.
2. Establish How Many Employees Need International Insurance
Establish how many of your employees require international insurance coverage to avoid overpaying for more coverage than your company needs. To do this, work with your leaders to identify how many of your employees are expected to travel or be based internationally. Discuss estimates of these numbers for the next year to two years.
It’s all right to establish a general figure. International insurance plans are often tailored to small teams or companies with two to 50 employees. Medium-sized corporate groups have between 50 and 100 employees needing travel or health coverage internationally. Large companies have over 100 employees overseas.
3. Consider Your Employees’ Travel and International Work
Once you know how many of your employees travel, analyze how they travel or work for you abroad. You want to know how your employees travel, where they must go, and how long they stay there. Review your records and talk to managers to get the most current facts — you may be surprised. Understanding how often and why employees travel helps you establish the international insurance coverage they need.
You may find that only a few teams have employees who travel internationally, but that these employees travel frequently – over 10% of their working time. Sales, marketing and deployment staff do most of the travel abroad for many companies. Or you may know that almost all employees travel internationally, but infrequently. An example of this is tech companies that have remote global staff that they bring together once a year for team building or a conference.
Also, talk directly to your employees about their needs and priorities around international travel for work. What are their work travel experiences with healthcare or around travel problems and cancellations? What coverage would give them peace of mind and focus as they travel for your company? Sharing information about international insurance coverage can raise employee goodwill and make professional travel a more attractive option.
Global Benefits for Organizations
- Offering group plans for international health, life and travel
- Request a quote from the leading insurers around the globe
- A licensed agent will provide quotes and expert advice
What Type of International Corporate Health Insurance Coverage Does My Employee Group Need?
After you have identified your company type, number of employees, and work travel patterns, you are ready to talk with a travel insurance plan provider about types of coverage.
The level of coverage for your corporate insurance plan will vary based on your answers to the three areas above. If you have employees working abroad, you need a global medical plan with coverage focused on where your employees are based. For groups with employees who travel abroad frequently, a corporate travel insurance plan would cover all of them throughout the year.
We can work with you to determine the right coverage and recommend multiple options. Consider these plan types and coverage areas.
Global Health Insurance for Corporate Groups
Medical Coverage: You will need to ensure each of your employees is covered under a comprehensive group health plan and covered on location and abroad. This coverage will also provide funds for any hospital visits or medical care abroad. Make sure the coverage amount is high enough to protect each employee. You don’t want them to endure a hospital stay and surpass their covered expenses.
Short-Term or Long-Term: Different medical coverage plans are available for short-term and long-term coverage. Long-term coverage is what employees need if they are outside their home country for 180 days or longer.
Company Travel Insurance for Employees
In addition to covering medical expenses, business travel insurance for employees should include all or some of the following benefits:
- Trip Protection: This will cover any trip interruptions due to illness, political unrest, or natural disasters. Additionally, it will provide funds for booking a trip home and back to the destination if an employee has a family emergency.
- Baggage and Document Protection: This will cover any lost or stolen baggage or travel documents. It will also provide funds for personal essentials needed if baggage is lost and for new travel documents.
- Security Protection: For your employees in risky areas, you may want to invest in security protection. This can cover evacuation for your employees during natural disasters or political conflicts. You can also get insurance coverage around hijacking, detention, kidnapping, and ransom scenarios. Look for these specific terms in your coverage plans to ensure security protection.
- Life and Body Insurance: Unfortunately, it is necessary to consider the worst-case scenario when supplying travel insurance for your employees. This coverage will ensure funds cover the transportation of a body from the travel destination back home. This travel insurance will also pay an indemnity up to the covered amount for loss of functioning limbs or life while on the trip.
International Life, Disability, and Income Protection for Corporate Groups
A group international life insurance policy is a benefit that will attract and retain your best employees. This is especially true for a global workforce that may not have access to all the benefits offered to local employees. Your team will appreciate the additional benefits, including:
Key Benefits of a Global Corporate Life Insurance Plan
- Whole and Term Life options are available
- Customized for international employees, remote teams, and expatriates
- Comprehensive benefits for death from illness or accidents
- Terms from one to 25 or more years
- Worldwide protection
Key Benefits of Global Corporate Liability Coverage
International corporate liability insurance provides several benefits to companies operating in multiple countries. Here are some key advantages:
- Legal protection: International corporate liability insurance helps protect businesses from legal claims arising due to bodily injury, property damage, or financial losses caused to third parties. This coverage can be essential when dealing with various countries’ legal systems and regulations.
- Risk mitigation: Doing business in foreign countries exposes companies to various risks, such as political instability, economic volatility, and natural disasters. Liability insurance can help mitigate financial losses resulting from unexpected events.
- Compliance with local laws: Many countries require businesses to have liability insurance before operating legally within their borders. Having this coverage ensures compliance with local regulations and avoids potential penalties or legal complications.
- Reputation protection: In the event of a liability claim, having insurance can demonstrate that the company takes responsibility for its actions, which can help protect its reputation and maintain trust with stakeholders, customers, and partners.
- Financial security: Liability claims can result in significant financial burdens, especially when dealing with legal expenses and compensation payments. International corporate liability insurance provides financial security by covering these costs, reducing the risk of bankruptcy or severe financial setbacks.
- Enhanced risk management: The process of obtaining international corporate liability insurance often involves risk assessment and analysis. This helps companies identify potential risks and implement better risk management strategies to minimize the likelihood of claims.
- Facilitating partnerships and contracts: When working with international partners, clients, or suppliers, liability insurance may be a prerequisite for entering into contracts or partnerships. Having this coverage can facilitate smoother negotiations and instill confidence in potential collaborators.
- Access to expert advice: Many international corporate liability insurance providers offer risk management resources and legal counsel. This expertise can be valuable for companies navigating unfamiliar legal and regulatory environments.
- Peace of mind: Knowing that the company is protected against potential liabilities in various locations provides peace of mind to business owners and stakeholders, allowing them to focus on core operations and growth strategies.
Overall, international corporate liability insurance is vital for companies with global operations, helping them navigate complex legal landscapes, mitigate risks, and protect their financial well-being and reputation.
Key Benefits of International Income Protection for International Businesses
- Global Coverage: International income protection insurance provides coverage regardless of the country where the policyholder resides or works. This is particularly advantageous for individuals who frequently travel for business or have relocated to a foreign country, ensuring they remain protected no matter where they are in the world.
- Income Continuity: If the policyholder cannot work due to illness or injury, international income protection insurance replaces a portion of their lost income. This ensures that they can maintain their standard of living and meet financial obligations, such as rent, mortgage payments, and daily living expenses, even during their period of disability.
- Customizable Policies: Insurance providers often offer flexible policies that allow individuals to tailor their coverage to their specific needs and budget. Policyholders can choose the benefit amount, waiting period (the time before benefits begin), and benefit period (the duration of benefit payments), providing them with a personalized insurance solution.
- Portability: International income protection insurance is designed to be portable, meaning it can remain in effect even if the policyholder moves to a different country or changes employers. This portability ensures continuous coverage, eliminating the need to reapply for insurance or face potential coverage gaps due to international relocations.
- Financial Security for Expatriates: Expatriates and individuals living abroad may face unique challenges, including being far from their support networks and healthcare systems. International income protection insurance provides financial security and peace of mind during such periods, helping expatriates and their families to cope with potential income loss in a foreign country.
Overall, international income protection insurance offers valuable benefits to individuals working or living abroad, providing financial stability and security in case of disability or incapacity. It ensures that individuals can maintain their financial well-being, regardless of their location or employment status, and focus on their recovery and well-being during challenging times.
Our plans also include repatriation, medical evacuation, foreign general liability, and more. We can customize a plan to meet your specific needs.
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How Can I Buy International Insurance for My Employee Group?
Go through the basics of planning international group coverage for your company and your teams, as described above. You can then contact our team of experienced international agents. If you have any questions, we are happy to answer them and provide you with quotes from multiple providers.
Otherwise, request a free quote, and our team will get to work with your group!
We recommend taking the time to shop around for the best coverage for your employee group. Don’t purchase just based on price. Instead, consider all your needs, the ratings of the insurance company underwriting the plan, customer service, and benefits provided. Remember that any uncovered accidents or injuries may make your corporation liable. You will want your employees to have a successful and safe work trip abroad. To achieve this, providing the best travel insurance possible is vital.
Review the Best Groups Plans for International Employees or Complete a Group Quote Request Form
Global Benefits for Organizations
- Offering group plans for international health, life and travel
- Request a quote from the leading insurers around the globe
- A licensed agent will provide quotes and expert advice
For individuals living abroad, see: Individual Global Health Plans
Author: Andrew Blomberg is the Vice President of Global Benefits at International Citizens Insurance. Andrew is a licensed insurance broker with expertise in the areas of international group travel, global health, life, and disability insurance. Having worked and traveled throughout the world, he has the experience to provide personal insight along with his industry knowledge. Andrew is dedicated to providing group benefits to organizations, large and small, for today's global workforce. Connect with him on LinkedIn.