DSC (digital selective calling), which that radio uses to transmit distress signals with coordinates, is an excellent but sadly under-used technology. Everyone should be equipped with it and be familiar with all the menus and options on their transceivers, and regularly test that the equipment is working by making routine calls. The problem with DSC is that the transceivers are really badly designed and downright user-hostile. The receiver usually gets a loud horn going of in their ears which only trains a reflex to reach for the silence button. It's pretty much only used for tests, and before anyone dares initiate a DSC call they call the receiving ship in advance the old-fashioned way, or they will get yelled at. When the whole point of DSC is that you merely enter the recipient's MMSI number, open a channel and just speak, without cluttering up channel 16 which is should be left for distress traffic only. Think Uhura in Star Trek. This is a huge risk to safety of life at sea that the industry urgently needs to deal with. But yes, do carry the equipment and do use it in an emergency, because it does work and it frees up yours and your rescuers' workload to worry about more important things than trying to get your coordinates across by voice.

I would also suggest getting a SART and an EPIRB. A SART is a radar beacon, which shows up as a distinctive pattern on surrounding ships' radar displays, and requires no special receiving equipment. An EPIRB is a beacon that is locatable by satellite, so that's the fastest and most reliable way to get the attention of a rescue control centre. These three technologies are part of the GMDSS (Global Maritime Distress and Safety System), which means commercial ships and emergency services are by law required to carry and use equipment to receive their signals.