Whether your employees are going on a one-day trip or taking an 8-hour flight abroad, every company assumes some business travel security risk. To this end, many companies utilize business travel insurance to protect employees against unexpected situations, from corporations to small businesses. However, travel insurance policies only go so far when it comes to proactively safeguarding your employees against dangerous scenarios and furthermore enable them to protect themselves in the event of real security issues.
This article will discuss the distinctions between travel accident insurance and business travel security services.
To begin with, why is this understanding important? Understanding the risks associated with business travel is crucial for several reasons:
- Ensuring safety: Business travel can expose employees to various safety hazards, such as transportation accidents, natural disasters, crime, and health risks. Understanding these risks can help companies take appropriate measures to protect their employees’ safety and well-being.
- Mitigating liability: Companies are legally obligated to provide a safe workplace for their employees, including those who travel for business purposes. By understanding the risks associated with business travel, companies can take steps to mitigate their liability in case of accidents or other incidents involving their employees.
- Protecting business continuity: Business travel can also pose risks to a company’s operations, particularly if key personnel are involved. Understanding these risks and taking measures to mitigate them can help ensure business continuity during a disruption. There are travel security apps for businesses that can assist, but many do not have the necessary travel security services tied to them to escalate above a feeling of comfort.
- Cost savings: Finally, understanding the risks associated with business travel can help companies manage their travel-related expenses better. By identifying potential risks and taking steps to mitigate them, companies can reduce the likelihood of costly disruptions and delays.
All companies engaging in business travel are exposed to some risk. However, certain types of companies may be more exposed to business travel risks than others, including:
- Companies that have employees who frequently travel, either domestically or internationally, are more likely to be exposed to business travel security risks, particularly if they adhere to the same schedule each trip.
- Companies operating in high-risk industries, such as oil and gas, mining, and construction, are more likely to have employees who travel to remote or hazardous locations, which can increase their exposure to business travel risks.
- Companies with a global presence are likely to have employees who travel internationally, which can expose them to a range of security risks, including political instability, terrorism, petty crime, kidnapping, and infectious diseases.
- Companies with high-profile traveling employees, such as executives or celebrities, may be at greater risk of kidnapping, car-jacking, theft, or other security threats while traveling.
- Companies with limited resources may not have the budget or staff to adequately manage the security risks associated with business travel, making them more vulnerable to incidents and disruptions during the times they do send employees abroad.
But what is the distinction between business travel accident insurance and travel security?
Business travel accident insurance and travel security protection are two different types of coverage that provide protection for different types of risks associated with business travel.
Business travel accident insurance provides coverage for accidental death or bodily injury that occurs while an employee is traveling on business. This type of insurance typically covers medical expenses, disability benefits, and death benefits in the event of an accident. It is designed to provide financial protection for employees and their families in case of an unexpected injury or death while traveling abroad for work.
Travel security plans, on the other hand, are types of coverage that specialize in a range of risks related to personal safety and security while traveling on business. This may include coverage for kidnap and ransom, political evacuation, and emergency medical expenses.
In our line of work, corporations and businesses with traveling employees often request pre-travel destination reports, emergency response and evacuation coverage, location-specific risk and threat assessments, event and meeting security, vetted hotels, secure transportation, and various other customizable levels of executive protection. As you can see, this goes well and beyond business accident insurance. When you choose IMG GlobalSecur, our vast network of security resources becomes yours. From pre-travel intelligence to the management of your travel emergencies, we are always ready to meet your needs.
The unique value of this level of protection is the partnership between the FoneTrac app and the tailored services and resources our expert global network offers. FoneTrac alone is a patented communications system and personal security app that functions as a check-in and panic-alert tool, offering travelers a way to stay connected with advice and assistance whenever it is needed.
This safety app is an incredible on-the-go iPhone / Android app that immediately gives you and your business travel security services. Contact us today!