If you’ve never looked at the U.S. Department of State’s U.S. Passports & International Travel Worldwide Caution report, U.S. Department of State’s U.S. Passports & International Travel Worldwide Caution you should consider giving it a read. Particularly if you are sending staff abroad any time soon, or if you have operations overseas. Warnings about groups that are targeting Westerners, and U.S. citizens in particular, for kidnapping and terrorist attacks are updated regularly.
Managing global risk requires additional planning
Growing businesses are always looking for new vendors, manufacturing facilities, or markets and this means key salespeople and executives may be dispatched to locations around the globe. A time of growth is exciting and optimistic, but it is important to keep safety in mind before you send employees out of the country. Mexico, for instance, reports that kidnappings are on the rise.
The State Department maintains an A-Z guide for Americans Travelling Abroad. One tip: Make a photocopy of all of your identification and passports prior to leaving. Another helpful tip: Make sure you’ve notified your credit card companies that you’ll be traveling and let them know what your destination is – credit card companies have updated security measures that automatically detect out-of-the-ordinary transactions and your card could be placed on hold just as you’re handing over your AMEX for that dinner party you’re hosting in Barcelona.
Also check with your insurance company before you say bon voyage to any staff. You want to be sure that they are protected for everything from health emergencies to more serious issues like kidnapping.
If you’re making plans to open an office or facility overseas, you’ll need to do your homework. From working with the appropriate U.S. consulate to calling on your legal and operations teams, you’ll want to be sure your business is set up for success.
Even if these trips or offices are very small, take the time to make sure you’re covered for anything. The cost of a catastrophe to your company could be huge if there is loss of property and immeasurable if one of your employees is harmed. If you feel your coverage isn’t adequate to cover everything you’re being advised to cover – or if the coverage you want isn’t offered, consider creating a captive, which could help you get the insurance you need as your business grows overseas, and can grow with you as your international operations reach the “global” level. Contact us if we can help.