30 May 2016

The Benefits of Having a Corporate Travel Insurance Policy

If you or your employees travel overseas or interstate for business purposes, we recommend that your practice has an annual Corporate Travel Insurance policy in place. This type of policy is usually more competitive than the purchase of individual policies for each trip.

Often travel insurance policies purchased via travel agents or airlines are designed for leisure or private travel, and do not cover business risks such as extraterritorial workers compensation costs, alternate employee expenses etc.

Some of the major benefits available under an annual corporate travel insurance policy include:

  • Unlimited overseas medical & repatriation expenses
  • 24 hour emergency assistance
  • Cancellation and curtailment expenses
  • Missed transport connection
  • Baggage including electronic equipment, money & travel documents (some sub limits apply)
  • Extraterritorial workers compensation (for interstate travel)
  • Resumption of employee expenses
  • Alternate employee expenses
  • Personal accident and sickness cover
  • Kidnap and ransom (some countries excluded)
  • Rental vehicle excess waiver ( if the rental vehicle is insured)

The policy automatically covers travel on all scheduled flights. Non –scheduled, chartered, private or helicopter flights need to be specifically disclosed and agreed and usually come at an additional cost.

An annual corporate travel insurance policy will cover all of your directors and employees for their interstate, intra-state, and/or overseas business travel. The policy is usually also extended to cover associated private travel when made in conjunction with a business trip. Accompanying spouses and dependants can also be covered.

As an extra bonus you can usually extend the policy to cover any private travel for company directors and their families provided this travel is declared.

A corporate travel policy will cover employees who are travelling for periods of up to 90 days. If employees are assigned overseas for periods that exceed 90 days, it may be necessary to obtain separate Expatriate Medical & Repatriation Expense Insurance. The expatriate policy essentially acts as overseas medical insurance, and covers expenses such as hospital, doctors’ fees, prescription medicines, dental etc.

If you think your practice may benefit from having an annual corporate travel policy or an expatriate policy, or if you would like further information about these types of insurances please contact your account manager.

Vanessa Collins Manager Projects/Compliance