Travel is becoming an increasingly common part of modern day business. Whilst it can be an exciting part of the job, sometimes things can go wrong. That's why it is important that companies look after their employees just as they would back in the office.
At Coverforce, our experienced insurance brokers understand the risks that can be associated with corporate travel. Therefore they will offer sound risk advice and deliver a tailored insurance solution that will meet your business needs.
What is Corporate Travel Insurance?
Corporate Travel Insurance provides coverage against the common risks that business travellers encounter during interstate or overseas business trips. This generally includes loss of deposits, cancellation, accidental death and disability, medical evacuation, baggage, travel documents and personal liability.
Do I need Corporate Travel Insurance?
Corporate travel insurance is beneficial for any businesses with employees who travel overseas or throughout Australia where the travel involves planes, hotel stays or tours.
As Corporate Travel Insurance can be extended to include employees and their families for leisure travel it makes an excellent low cost employee benefit.
What does this Insurance cover?
Most Corporate Travel Insurance policies will cover for:
- Emergency hospital and medical expenses
- Replacement of lost travel documents and luggage
- Accidental death, disability and loss of income
- Hire care access
- Cancellation expenses due to delayed flights or illness
- Kidnap and ransom
- Personal Liability
Corporate Travel Insurance offers additional benefits to standard Leisure Travel Insurance designed to suit business needs. These can include:
- Cover that extends to the whole business, not just the individual
- Cover that extends to all Employees, Directors, Officers and Consultants of the Insured person, including accompanying spouse and dependent children
- Cover for leisure travel during a business trip. (Leisure-only travel can also be included)
- Cover for pre-existing conditions if your doctor deems you fit for travel
- Higher sums insured across a range of potential risks
- Having a current health insurance policy does not always mean your overseas medical expenses will be covered. Check before departing to ensure you are adequately covered. In the event that you are covered, you may be able to reduce your travel insurance premium, so let your broker know before incepting a policy.
- Many tour operators will not allow travellers to depart or to participate in particular activities without travel insurance. If you are considering foregoing travel insurance it’s a good idea to contact them and confirm that you won’t be affected.
- Please note not all locations are covered. Always check with your policy that no exclusion(s) are in place.
- If your travel is greater than 180 days, you may require an expatriate policy that extends the coverage while you’re overseas.