The top types of expat insurance solutions you’ll need in Thailand
Whether you’re in the Land of Smiles on holiday, for work, to start a business, or to retire, there is a range of expat insurance solutions that you might want to consider. Living in Thailand can be fairly easy and affordable. However, one tiny mishap can become expensive quickly – whether it’s replacing lost travel documents, seeking medical treatments, or being liable for something as a result of your business’ operations.
This article by Pacific Prime Thailand covers the types of insurance, such as health insurance for foreigners or business liability, that can be useful whilst you’re here.
Expat insurance solutions for individuals
If you’re in Thailand in a personal capacity, then there are some key health insurance types you should consider. Much of this depends on your length of stay and your purposes for being here, and most of these options can be flexible to meet your specific coverage needs.
Health insurance
Health insurance for foreigners in Thailand is available in three forms; local social security, a local coverage plan, or an international private medical insurance (IPMI) plan. We’ve written about their key differences before, but here’s a quick reminder:
- Social Security: Offered by the Government to those who work with valid visas in Thailand, this form of health insurance covers most treatment costs. However, visa-holders are generally assigned to a single hospital where they can seek care from.
- Local Plans: Offer coverage within the borders of Thailand, are generally cheaper, and can let you seek treatment from a wider range of physicians and facilities.
- International Plans: Offer coverage worldwide (some exclusions, like the US, may apply), and generally have the most comprehensive range of benefits but also the highest price.
Social security access is great and affordable. However, public hospitals can have extremely long waiting times and no guarantee that staff will speak your language (if you don’t speak Thai). Local plans can offer wider access, but for a reduced rate of coverage (less than 100%). International plans are more expensive but offer the most extensive form of coverage with significant claims assistance and support.
Travel insurance
Travel insurance is usually bought by people staying in Thailand but planning to travel briefly abroad (or for expats returning home temporarily). Their main focus is related to travel coverage; flight delays, lost baggage or travel documents, and accommodation issues. They also provide a basic level of health insurance however, this is usually at a level that’s designed to get you well enough to fly home.
Travel insurance can come in either single-trip or annual policies, depending on what your travel plans are. Single-trip plans can be useful if you don’t travel often or you have an international health plan and want travel-related benefits as well. Annual plans can be handy for those who travel frequently and don’t want to go through the process of buying a single policy each trip they take.
Life insurance, total permanent disability, and AD&D
Life insurance can be a good way of protecting the financial stability of those you love. In the event of your death, life insurance will pay out an agreed amount to one or more beneficiaries that you name on your policy. These policies usually also have a set term on them so, should you survive the term, you may receive a full or partial reimbursement of the policy premium you paid.
Total Permanent Disability policies are designed for those who suffer a serious injury that leaves them unable to work for the rest of their life. Similarly, Accidental Death & Dismemberment policies pay out when an insured is killed due to an accident, or left with an incapacitating bodily injury.
Personal accident coverage
These types of annual policies provide compensation to insured people in the event of injury, disability, and death where it is caused by a violent, accidental, external, and visible event. Personal accident insurance differs from life and disability insurance plans because they can also include coverage for partial permanent dismemberment, temporary dismemberment, and accidental medical expenses related to such events.
Personal accident coverage can also be a good option for those who cannot qualify for a life insurance plan due to specific medical conditions or history.
Expat insurance solutions for businesses
As a foreign business owner in Thailand, the expectations and regulations upon you are huge. Here are some common and important expat insurance solutions that you may need if you run a company.
General and public liability insurance
General liability plans are also known as business liability insurance and protects your company from claims made against it for injury or property damage to third parties. It can cover anything from products you produce to services you provide, as well as including any injury or damage caused by the people who work for you. General plans are more expensive than their public liability counterparts.
Similar to general liability insurance, public liability plans also cover claims from third parties for injuries or damages caused by your business, its people, and its products. It’s more specific and can sometimes be restricted to covering injury or damage that occur on your business premises. A general liability insurance plan can include the same coverage plus protection for events outside of your place of business.
Workers’ compensation insurance
General and public liability insurance covers injury and damage to third parties, while workers’ compensation insurance (WCI) applies to events involving your own staff. WCI is a legal requirement when running a business in Thailand, and can protect your company from the financial impacts of needing to compensate workers or their families in the event of a staff member’s injury, illness, or death.
Directors’ and officers’ insurance
Commonly shortened to D&O insurance, directors’ and officers’ policies is another form of liability coverage. In the event of wrongful acts taken in the course of running a company, directors and officers can be vulnerable to meeting reimbursement costs to third parties by law. D&O can cover legal costs, damages and settlements, tax contributions where a company is insolvent and a personal liability is involved, and losses incurred for civil fines and penalties.
Professional indemnity insurance
People acting on behalf of your company can have legal action taken against them where their acts (or omissions) and duties cause negative consequences. Think of a doctor who neglects to address a health issue during surgery or a construction professional who forgets to implement a required safety measure. These plans are put in place to ensure that a professional oversight that results in damages being awarded to a third party can be taken care of.
Product liability insurance
If your company manufactures, commissions or sells products to consumers, then having product liability insurance can help protect your business should those products cause injury, illness, damage or loss. This can also cover things such as faulty recalls of products, as well as compensatory costs to third parties, legal fees, and any other such costs related to a legal case.
This can be especially important given that consumer rights can leave businesses open to liability challenges for a set period of time. In the Land of Smiles, the Office of the Consumer Protection Board of Thailand is tasked with handling complaints from consumers and instigating legal proceedings when a consumer’s rights are infringed.
Finding the right solutions for your needs in Thailand
When it comes to securing the right types of expat insurance solutions for your situation, Pacific Prime Thailand is your number one choice. Whether you’re an individual here for a short or long time, or running a business here – you should always know what your options are, what sorts of coverage are required by law, and which ones are just good sense to have.
To discuss what might be the best solution for you, contact our advisors today. Their extensive experience can find the right life and health insurance for foreigners, design the right mix of corporate insurance solutions for businesses, and ensure that you’re covered for everything you need – and nothing you don’t!
If you’d like to find out more about our expat insurance solutions, check out our website today!
When she isn’t writing, you are most likely to find Elwira in search of the perfect plant-based burger or enjoying Hong Kong’s great outdoors either at the beach or from the boat - the closer to the sea, the better!
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