Businesses in the U.S. spend more than $300 billion a year on business travel. And whether those trips are domestic or international, they bring with them significant risks that companies must manage and mitigate.
For example, the average cost of a medical evacuation of an employee traveling overseas is nearly $30,000. But the impact and costs associated with loss of productivity or even staff replacement can be much greater.
There are also various legal obligations that companies must understand. For example, duty of care, duty to disclose, and standard of care are legal standards that apply whether the organization is a corporation, governmental agency, or a nongovernmental organization.
On this episode of The Prevention Podcast, we discuss the emerging approaches to travel risk management with Mike Kelly, risk advisor with AHT Insurance. Mike focuses on multinational insurance programs that cover business insurance and employee benefits. His area of concentration is on protecting globally mobile travelers to ensure they are adequately protected and the organization meets its legal obligation to duty of care.