Global Underwriting Update
From our friends at Global Underwriters:
“Each year the number of people traveling for business purposes is astonishing. The Global Business Travel Association counts over 488 million trips taken annually. Each year business travelers take an average of 12 trips, typically lasting at least 5 days. An estimated 1.3 million business trips occur daily in the U.S. alone. These figures are expected to grow another 7% this year.
Even with video/web conferencing, online meetings, and daily conference calls business travel continues to increase and is vital to the success of many companies. Hectic schedules, missed flights, transportation issues, and hotel problems are the least of the employees’ worries. Many employees are citing concerns related to personal security, terrorism, political unrest and infectious disease epidemics.
It’s also crucial that companies and organizations embrace Duty of Care obligations and take the necessary steps to reduce potential dangers or problems that could occur while their employees travel. Employers need to have a well communicated plan in place and part of this plan is providing Business Travel Accident (BTA) insurance for their employees. BTA insurance is an inexpensive benefit that supplements any employee benefit program. This World Class Protection is designed to offset the risk and potential loss of a key employee(s) and to compensate families of employees for their loss of income due to accidental death or permanent disability of a loved one.”
If international business travel is on your itinerary, this is must-have info.