When business travel doesn’t go to plan, corporate travel insurance can help to cover out-of-pocket costs to your business and employees.
Who should consider it?
If you or your employees need to travel for work, corporate travel insurance can protect your business from financial loss associated with situations such as
overseas health emergencies, flight cancellations or lost and stolen baggage.
Corporate travel insurance is similar to personal travel insurance. It can cover your business for unanticipated travel costs if specific events happen.
Corporate travel insurance also covers your directors and employees, and spouses and dependents travelling with them.
What can it cover?
Corporate travel insurance varies in the benefits they provide. We can assist in finding the right product to suit your business travel needs. As some of the types of covers provided by a policy, these can include;
| Type of cover | Potential benefits |
|---|---|
| Overseas medical and evacuation cost | The prohibitive costs incurred of covering staff for medical and evacuation costs if they become seriously ill or injured during a business trip. |
| Life and disablement cover | Protects your valued staff if they become disabled or pass away while travelling for business. |
| Flight cancellations and missed connections | The costs of needing to book additional flights and accommodation for staff. |
| Rental car excess | The excess on a damaged or stolen rental vehicle. |
| Loss of deposits | Reimburses deposits on accommodation, flights or conferences if you or your staff member’s trip is cancelled due to accident or illness. |
| Personal liability | Property damages you may have caused or been responsible for, or bodily damage where you are at fault. |
| Cost of replacing an employee | The cost of having to employ new staff to replace an employee who is injured or ecomes seriously ill during work travel. |
What usually isn’t covered?
Exclusions and the excess you need to pay can vary greatly depending on your insurer.
However, exclusions may include:
- Some pre-existing conditions (we will explain these in our review).
- Refunds if your travel provider becomes
- Pregnancy
- Travelling against medical advice
There are other exclusions which we as your broker can outline for you.
