If your employees live or work overseas for employment purposes, you may be confused as to the way you can protect your company from harm using business insurance. Will you need travel insurance or standard business cover?
Combining elements of the two, a new specialty product has been created by insurer Beazley. According to the company, the cover option is written for expats based overseas on both long- and short-term assignments.
There could be more people in need of this insurance product than one may first imagine.
A piece of research from McCrindle showed that the number of Australians who worked abroad back in 2007 was 290,200 – more than the entire population of Darwin and Hobart.
Figures from the Department of Foreign Affairs and Trade, published by advance.org, suggest that when combined with the amount of Aussies living abroad, that number rises to around 759,849, or approximately 3.5 per cent of the country’s population.
Especially with mobile working on the rise, allowing professionals to stay in touch with their employer on a consistent and affordable basis, sending employees to work abroad is becoming a more feasible option by the day.
Speaking in a press release by the insurance company, Beazley underwriter Andrew May shone a light on some of the industries that could find such a business insurance product particularly useful.
“We see construction and mining companies as a significant market for this product,” he explained.
“These businesses often have workforces in developing countries, where local healthcare provisions may not be to the standard Australian employees would accept, and employees may also be subject to other situations requiring emergency evacuation.”
If you need help finding the appropriate company insurance – whether it’s something specialist or as common as business interruption cover – an MGA expert can help.
Contact one of our local offices today for support in finding a complete and affordable business insurance plan.