Smooth moves

Molly Bennett finds out how Hiscox can take away some of the stress of relocating to another country

An increasingly globalised world means that many corporations have outposts abroad – offering employees a chance to experience life in a different country. According to the Institute for Public Policy Research, there are an estimated six million Brits abroad, with up to a third having moved for professional or educational reasons.

Being seconded brings challenges, including learning new business and social etiquette, navigating unfamiliar cuisine and finding a school for the children. An important task is choosing a home insurance product, and being covered by a UK insurer can mean the difference between a comprehensive policy and one that falls short.

Hiscox’s Expatriate Home Insurance can benefit employees, employers and brokers alike, as it has been developed specifically for executives posted abroad for employment reasons.

Employees will appreciate having an insurance policy and any claims processed in English, while employers can be seen to be offering a quality solution to their staff members.

In the past, companies would tell their employees to find cover locally – which can be undesirable depending on the location – or choose to carry the risk themselves, which can prove expensive when things go wrong.

Companies can recommend the policy in the knowledge that it’s a cost-effective and simple solution. Laura Gaiteiro, APC Underwriter at Hiscox, says: “Once the scope of cover is agreed, all the employer needs to do is inform their staff about the scheme, then they can take a back seat. For larger schemes, we can even handle all client contact directly, which takes the administration burden off the broker.”

There are also advantages for both personal lines and commercial brokers. “The benefits for personal lines brokers can be considerable,” says Laura. “If a client is moving abroad for work, the broker can recommend the product and handle both policies, thereby retaining the client while they are in another country.

“The client will be grateful to keep their insurer, plus the policy and claims are in English, making the transition to a new country a little easier.”
On the commercial side, brokers can add value to client relationships by recommending the scheme as a solution that companies can pass on to employees. It’s a cross-selling opportunity that should be considered as much as PI or travel cover.

Also, brokers need to do minimum legwork, says Laura. “They just need to sell the concept to their clients, and then Hiscox does the rest, such
as setting up the cover and all the administration. We’ll even contact the clients directly, so there’s a minimum of hassle for the broker.”

When an employee moves abroad, they have more important things to think about than home insurance. A solid, simple policy can let them enjoy the experience without worrying about the small print.