One of the most overlooked risks in Risk Management when looking across an organization is the risk to employees traveling abroad. However, according to a recent survey in Business Travel magazine, it appears that more companies are beginning to incorporate risk management techniques to keep their employees safe overseas.
One of the more interesting practices becoming prevalent is the use of mobile applications to track employees. This allows a company to have an idea of where their employees are located and whether they are in any imminent danger. Other best practices can include setting up travel alerts for your employees or setting up an emergency response system that can be actively deployed at a moment’s notice. Despite these prudent risk mitigating procedures, it still appears that for most organizations risk management measures need to be incorporated into travel security platforms.
One way to help mitigate this risk is by purchasing an appropriate travel accident policy. This policy can be placed with relatively little cost, depending on your company’s exposure. As a bonus, if purchased through a reputable insurer, a travel accident policy can often provide a suite of services that include security, evacuation, medical coverage and even tickets to a Broadway show. This is a value driven product that can help provide peace of mind to your employees traveling abroad. At The ALS Group, we encourage our clients to consider this coverage as it is often overlooked. This value added product covers costs for evacuation for security and medical reasons that can often reach as much as $100,000, quite a large amount of money, which will significantly increase your organization’s Total Cost of Risk (TCoR). At The ALS Group we take a three-dimensional approach to risk by helping our clients develop and implement formal policies and procedures for travel abroad to address these risks before the unthinkable happens.
If you would like to discuss Travel Risk Management or exploring your company’s lesser known risks please feel free to contact The ALS Group for more information.
