Travel insurance or IPMI: which type of cover is right for your international employees?

Employees who travel or reside abroad on their employer’s behalf will ideally be able to count on a specially adapted insurance package. What forms of insurance are relevant will depend on their personal situation and working environment. Some examples:

• Travel assistance insurance: This provides assistance and coverage of medical costs after an accident or unexpected illness during a business trip of limited duration. Supplementary cover includes:
  • Cancellation or interruption of the trip
  • Delays
  • Third-party liability
  • Legal assistance
  • Hijacking or kidnapping

• IPMI (international private medical insurance): this insurance covers outpatient medical costs, hospitalisation and extensive care – and even pregnancy and maternity care. Add-ons can provide for civil liability, personal effects and goods, death, permanent disability and loss of income. This insurance is particularly attractive for employees residing abroad for your company for a longer period of time, often with their families.
• International pension insurance: an international pension plan can offer benefits that are not always possible with local solutions.

Traditional travel insurance only covers unforeseen medical costs that arise during a stay abroad. By contrast, IPMI also offers pays out for regular medical care, which ensures broader protection. It also means that your employee can be confident of being able to access high-quality medical care anywhere in the world.

International employment, including on an expatriate basis, can be associated with unique mental and physical challenges, in both personal and overall terms. Again, insurance can come in useful here. Some examples:

• Mental health: social isolation and homesickness can have a negative impact on employees’ well-being. Insurance usually offers psychological support.
• Cultural and linguistic barriers: these can make integration harder. Good preparation and support on location are essential – and included in the insurance.
• Security risks and political instability: in some parts of the world these factors can pose a real threat. Insurance not only offers personal protection, but also takes care of your luggage, legal assistance and so on.

Every employee’s situation is different, which is why it’s important to tailor insurance solutions to the individual situation and to develop your company policy further. We give our customers guidance in working out an optimal approach and insurance package. In this way, we ensure safe and worry-free international employment, with minimal risks and maximum peace of mind.