What is an insurance?
We all need to protect ourselves from monetary losses. There has to be some security in case some mishap happens due to which we end up having huge financial losses. Financial losses can happen to an individual or an organization as a whole. There might be also cases where you end up harming your physical wellbeing due to which you need some kind of a security to fall back upon. It is for such scenarios that we need insurance. An insurance is an arrangement by which a company or may be the state ensure to give some kind of compensation in case of any kind of losses or damage or even in case of death.
There are many different types of insurances like medical insurance that a company might provide to its employees as an employee benefit in case of any kind of illness or accident during their tenure in the organization; then there is the corporate insurance that secures the company against any sudden financial loss. Apart from this there is the error and omission insurance often used by doctors to secure themselves from undue claims made by patients in case of any mishap. Finally there is a policy for those individuals who go out of their native lands to work in a foreign country. This insurance is known as the foreign workers insurance.
Industries that benefit from foreign worker medical insurance :
The foreign workers insurance is availed a lot by those industries where people come to work from different countries. For example in the hospitality business, a hotel can employ someone from a foreign country. That person then becomes liable to be covered under the foreign workers medical insurance. Also we are living in a global world. Every year, every day, every hour people are travelling from one end of the globe to the other end for work. Each time an individual travels to a foreign country whether from the manufacturing sector or the service sector, whether from the utility industry or the entertainment industry, the industrial products sector or the infrastructure sector, they come under the purview of the foreign workers insurance that give them the much needed medical security. This insurance is provided by the employer under state regulations that differ from country to country. However, the premise of the insurance remains the same all over the world.