Anyone who manages Employee Benefits for a business with global operations will tell you how difficult it can be to keep track of all policies performance, legal requirements and updating rules and regulations.
Hooray Health & Protection have been working with several business who are expanding operations globally and many are finding it increasingly difficult to manage the policies.
We are going run through some of the International Employee Benefits and discuss how they can support your employees whilst your business grows.
- 1 International Business Health Insurance/ International Private Medical Insurance
- 2 International Group Life Insurance/ International Employee Life Assurance
- 3 International Group Income Protection/ International Long-term or Short-term Disability
- 4 International Group Critical Illness Cover
- 5 Group International Personal Accident Insurance
- 6 Kidnap and Ransom Insurance
International Business Health Insurance/ International Private Medical Insurance
International Group Health Insurance is the most requested policy for us to review on the international side of business. It is understandable as arranging health insurance on a global level requires several considerations- such as the countries public healthcare systems, access to private hospitals and the current level of cover they are receiving from their employer.
One of the main perks we find with International insurers, is they are more open to reviewing higher risks then the UK insurers we deal with. Businesses working in countries advised against travelling to by the FCO, working in high risk occupations etc. will find international insurers willing to help unlike some of the local insurers.
International Group Life Insurance/ International Employee Life Assurance
International Business Life Insurance for employees is a niche but growing market for which we are starting to see more employers wanting to provide to their employees, so their family/loved ones receive a lump sum payment in the event of their death.
Fortunately, the majority of markets operate Group Life Insurance in the same way which makes the policies easier implement then International Business Health, but we still advised talking to a broker to ensure your reviewing every advisor as some have different terms and conditions then others.
International Group Income Protection/ International Long-term or Short-term Disability
International Group Income Protection supports your employees when they are unable to work due to an accident or sickness but needs to be considered in line with your employee’s contractual benefit requirements.
If you search ‘International Group Income Protection’ on Google, you will see there are only two providers providing their services for this niche product. We always suggest companies review international group schemes with a specialist broker to ensure all local, regional and global risks have been considered.
International Group Critical Illness Cover
International Group Critical Illness provides your employees with a lump sum in the event they are diagnosed with a serious illness whilst an employee of the cover.
On an international and local level this is one of the least requested products by employers but the most desired by employees when they learn about it what it covers.
Group International Personal Accident Insurance
Group International Personal Accident Insurance provides cover for your employees anywhere in the world if they are to suffer an accidental injury or death.
Policies can be tailored to your business, so if you have employees travelling to a high risk countries or working in high risk industries we can arrange the plan to your businesses requirements.
Kidnap and Ransom Insurance
You are probably thinking that insurance to pay ransom after being kidnaped is not an employee benefit, which is completely right but still needs to be considered when implementing international benefit polices.
If employees are working in countries with a high kidnap rate such as Pakistan, South Africa or Somalia it’s essential to provide cover for the worst-case scenario.
Hooray Health & Protection can help review or implement any international employee benefit policies you have for no fee. Call us today on +44 (0) 1273 222805 to discuss more.