Who doesn’t like to travel to new destinations? While we all take time off work from time to time and go for trips, for some people, travel is an integral part of their work. Whether it is for closing business deals, meeting investors, educating the public or promoting a product, some people need to be on-the-go at all times. In such cases, there needs to be a financial solution to reduce any travel risks. Here is where corporate travel insurance plans come into the picture.
What is corporate travel insurance?
Corporate travel insurance, also known as business travel insurance, is a type of insurance policy which offers travel and health-related cover. It protects employees and owners travelling within the state, interstate, or abroad for professional reasons. The main objective of this insurance is to protect the company against travel delays, serious accidents, or illnesses. Usually, business travel insurance comes in two variants – single round trip plans and multi-trip plans.
Travel insurancecoverage for corporates
Here are all the details on what is covered by travel insurance for corporates:
- Document loss: International travel often poses the risk of loss of important documents. One needs to take care of several ID proofs such as passport, visa, and the like, as loss of the same can make it almost impossible to travel freely. So, if you ever happen to lose these documents, your travel insurance company will take care of the same under this insurance policy and help you to get a duplicate passport and cover those expenses as well.
- Baggage loss: Devices such as smartphones and laptops are crucial for any business meeting, presentation, or deal. If you lose your baggage during a work trip, then the travel insurance company can provide financial cover to you against the loss of baggage under corporate insurance travel.
- Trip cancellation: Most travel insurance plans cover trip cancellation, including business travel insurance. Trip cancellations can happen due to a number of unpredictable and unforeseen reasons, and it can affect the hotel and transport bookings that you may have had in advance. In that case, your insurer will provide compensation for the trip bookings if it gets cancelled due to a genuine and uncontrollable reason.
- Medical emergencies: Sometimes, injuries and accidents can occur during travels, no matter how much you try to be safe. Same applies to business trips as well. So, if there is a financial requirement for hospitalisation or treatment costs for a condition that occurs during the course of the trip, your corporate travel insurance will pay for it.
- Evacuation: If you happen to face any unpredictable external situation such as epidemic or social/political unrest and need to be evacuated during a business trip, then corporate travel insurance will take care of it. Having said that, if the emergency situation was already present before you visited that particular country, then it will not be covered by the insurance policy. So, you can make yourself aware about a particular place before you plan to visit it for business purposes. Terms and conditions apply.
These are some reasons why corporate travel insurance can help when you travel frequently for work. You can get in touch with an insurance company to compare different business travel insurance plans and choose the best one for yourself. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
