When it comes to operations, your most valuable asset is your team of employees. Without workers, your organization won’t be able to get very far in fulfilling contracts and work obligations. It’s important to have insurance that covers medical bills and lost wages for employees who get injured while on the job. Workers compensation coverage is a standard part of most risk management approaches for businesses regardless of industry and market. Most policies usually only apply to domestic employees. What about companies with global operations?
Workers’ Compensation Limits
Workers’ compensation policies can offer temporary coverage for international work, but they come up short in the following areas:
- 24-hour coverage
- Endemic diseases and wartime coverage
- Repatriation expenses
- Medical care coordination
- Travel expenses
Even the definition of what is considered temporary varies from state to state. According to experts on workers comp overseas, you should look for foreign voluntary workers compensation coverage for international workers.
Coverage of Your Most Valuable Assets
Foreign voluntary workers compensation policies offer protection where domestic policies do not. Some international contracts require providers to secure this type of insurance to protect workers. As a company owner, it’s your responsibility to make sure your operational risks are addressed by your insurance approach. It’s never too late to put together a plan that prioritizes the people, your most valuable assets.