Interruption to your workforce, whether through travel disruption, injury or death, could result in significant financial loss, which is why Personal Accident and Business Travel Insurance are essential for today’s SMEs.
As a small business, wage roll is probably your biggest expenditure and employees your most valuable resource. Although businesses insure physical assets, such as equipment, stock and cars, many fail to adequately protect their human resources, which can prove detrimental. Unlike a larger company, an SME is particularly vulnerable to business interruption if a key employee is unable to do their job.
Personal Accident cover can offset lost revenue or cover additional expenses, such as recruitment or extra staffing charges. Business Travel Insurance covers major expenses if something goes wrong on a business trip and should be taken out as a minimum standard. It also demonstrates a commitment to health & safety, satisfying your duty of care to your employees.
With random terrorist activities on the increase across the world, your policy should also provide cover against flight delays, lost luggage, medical treatment and emergency assistance occurring as a result of terrorism.
Some SME’s rely on their employees’ personal policies, but this cover is often limited and can exclude business travel. It also risks your business reputation, as demonstrated by a case in Autumn 2016, when a lorry driver died in his cab while abroad. His employer collected the vehicle, but told his family it would cost them £22,000 to repatriate his body. It was widely publicised and caused the haulage firm significant reputational damage, which could have easily been avoided if they had held Business Travel Insurance.
We can work with you to ensure you have the right policy in place.
Are travel insurers keeping pace with global terrorism? By Will Kirkman