U.S. companies that have expatriates working abroad for several years generally understand the need to take out the proper international workers compensation insurance policy. It's the thousands of small businesses that send a few employees traveling international "here and there" where we see real exposures and big problems. Businesses of any size need to understand that if they send an employee abroad, even for a single day, they may need a separate international workers compensation insurance policy known more formally in the industry as foreign workers compensation insurance.
US Workers Compensation Market
The workers compensation market in each U.S. State is completely different. The first step is to find out the territory limitation of the existing U.S. domestic workers compensation policy. Is it limited to the United States or does it include Canada and Mexico? In almost all cases unless special riders are put on the policy, a U.S. workers compensation insurance policy is not global. An international workers compensation insurance policy covers on-the-job injury and illness that occurs internationally.
Small Business Liability
Every day small businesses risk everything by carrying the massive unfunded liability of someone being injured or worse yet, disabled, during an international business trip. Just one international claim denied by the U.S. workers compensation carrier could be enough to put many companies out of business.
Do you have any employees traveling abroad? Please tell us about your experience with workers compensation insurance.
This guest post has been provided by Nick DAlleva. Nicolas is the owner of Specialty Answering Service. Specialty provides answering service support to businesses in all industries including insurance brokers and firms.
Mar 21, 2011
Excited About Doing Business Internationally, Don't Forget the International Workers Compensation Insurance!
1:22 AM
Neo Anderson
4 comments:
You wrote about really important topic. Outside of U.S insurance... Everyone need to get attention on this. Thanks for the post
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Equipment Finance
Businesses of any size need to understand that if they send an employee abroad.
As soon as you start a business or work you must contact an worker's compensation attorney for proper guidance about different law, rule and how to approach for insurance.
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