Page 84 - Export and Trade

Insurance

• Exporter’s own credit control record. home in a foreign country can be stressful. Employers can
-XVW UHPHPEHU D VDOH LV QRW D VDOH XQWLO WKH PRQH\ LV LQ help minimise health and safety concerns by obtaining
the bank! comprehensive travel insurance cover, allowing travelling
employees to focus on the purpose for the trip.
4. Business Travel Insurance
Business Travel insurance protects your business against What to look for in a policy?
¿QDQFLDO GLVUXSWLRQ FDXVHG E\ VHULRXV DFFLGHQWV LOOQHVV All travel insurance policies should cover medical
or delay in travel, while giving you and your employees expenses, repatriation, lost luggage and liability cover.
peace of mind during business travel. Travel insurance is Most policies include cover for trip interruption and delay,
essential for business travellers, as it covers emergency ensuring that you can be accommodated overseas and
medical expenses, medical evacuation or repatriation, UHERRNHG RQ WKH QH[W DYDLODEOH ÀLJKW 2YHU WKH SDVW
personal liability and cover for lost or stolen luggage and few years travellers have been disrupted, delayed and
electronic equipment. The disruption created by illness, inconvenienced by ash clouds, tsunamis, hurricanes and
WUDYHO GHOD\V DQG ORVW HTXLSPHQW FDXVHV VLJQL¿FDQW earthquakes.
inconvenience and expense for most businesses. However, business travellers have different needs
For instance, overseas medical treatment can be compared with leisure travellers, and therefore require a
expensive whether it is for injury from an accident or SROLF\ VSHFL¿F WR EXVLQHVV WUDYHO %XVLQHVV WUDYHO LQVXUDQFH
for an illness such as food poisoning or appendicitis. is designed to offer:
Daily hospitalisation costs in the US can exceed $5,000; • The ability to send alternative staff on a business trip
repatriation from Australia on a stretcher can be $15,000; should an employee fall sick or get injured before
medical evacuation from the US can range from $90,000 departure.
to $300,000. Even in travelling to Australia you can incur • Higher cover limits on personal electronic equipment
an ambulance charge exceeding $800. such as laptops and iPads.
Serious illness or injury, if uninsured, can become a • Provisions for emergency business equipment hire.
ORQJ WHUP ¿QDQFLDO EXUGHQ ZKLFK ZRXOG KDYH HDVLO\ EHHQ • Emergency hire of business clothing should luggage get
prevented through purchasing travel insurance. lost in transit.
Employers should always provide their travelling • Emergency travel expenses and accommodation.
employees with adequate protection. Personal safety is a Business Travel insurance ranges from single-trip and
top concern, with over 75 percent of business travellers annual multi-trip policies to corporate travel plans. An
stating that it is important that their employers take annual policy may suit the seasoned and regular business
their security and safety seriously. Whilst travel can be traveller – allowing them to be covered for multiple trips
an enjoyable experience for employees, being away from throughout the year, to numerous global destinations.

82 NZ Export & Trade Handbook 2018