As multinationals further their reach and small companies are increasingly global, the workforce has become more internationally mobile. While an expanded marketplace clearly has its benefits, doing business in a multitude of countries can present challenges as unique and as numerous as the cultures of the world.
As business makes inroads into ever more remote and unstable areas, one important area of risk to consider is the safety of employees who are traveling on behalf of the company.
By the year 2021, BusinessTravelNews.com forecasts that companies will be spending $1.7 trillion on business travel, and Finaccord market research predicts that 87.5 million workers will be expats.
Whether heading to a sales call or a week-long conference; whether assigned to a Third World city or an offshore drilling rig, today’s traveling employees face unprecedented and growing dangers. Threats can come not only from pickpockets but from pipe bombs, not only from a foreign “bug” but from a major hurricane that impedes access to transportation or clean water.
Some employers feel a “duty of care” obligation to keep employees safe and healthy at work — including protecting them from travel risks, and protecting the company from associated liabilities. Here are some facts about the evolving global travel risks and how to help prepare your employees:
Many people think of travel risks as lost luggage, canceled flights or property stolen out of a rental car. While those incidents are certainly upsetting and troublesome, they’re just some of the myriad hazards that business travelers face today.
Now, with the rapid growth in the incidence and sophistication of international cybercrime, what was once the inconvenience of a stolen item can now lead to disastrous vulnerability. The security of an employee’s personal information as well as the entire company’s network can suffer as result of a company laptop or device in the wrong hands.
The ways to mitigate travel risks are: prepare; proactively inform; provide accessibility — and select your partner.
Chubb combines the ability to write policies in 232 countries with tools like: WorldviewSM and Multinational Research Tool to facilitate information gathering; an online travel assistance portal to provide up-to-the-minute information, communication, local and location alerts; and 24/7 Emergency Assistance that offers a network of third party resources around the globe.
Wherever your employees travel for you, we’ll help ensure they have the proper protection in place — and that your company has what it needs to do business around the globe.
Contact a broker today.