Corporate Travel Insurance, also known as Business Travel Insurance, protects owners and employees travelling intrastate, interstate and abroad for business. It ultimately protects your company against the financial disruption caused by serious accidents, illness and travel delay. Corporate Travel Insurance also provides cover for business owners and their families travelling together on personal trips.
All insurance policies vary by insurer, however, most will provide cover for the following:
Convenience: Just one policy and you can cover multiple employees in one go It’s tax deductible: The premium paid by your practice or business may be a legitimate tax-deductible expense for business travel Annual cover: Don’t buy cover for every business trip individually. Buy one policy for year-round worldwide travel Cost savings: Purchasing an annual policy is far more cost effective than purchasing individual cover for each trip. Pre-existing conditions: Pre-existing medical conditions including pregnancy can possibly be included into your Business Travel policy just ask your broker for help
Companies: Any business large or small, shareholders and directors. Self-Managed Trustees and fund managers Professional practices: Principal practice partners, shareholders and directors Individuals: Directors & staff members who often travel domestically and internationally for meetings. The policy includes accompanying spouses and dependent children should the policyholder decide to include personal travel onto your business travel.
Yes, a number of credit card providers do include travel insurance but this cover usually is the bare minimum and not at a level of cover that a broker can coordinate specific to your needs.
An employee was sent to a trade show in Singapore to do a presentation of his company’s products. The employee was an experienced staff member and was very confident in the company and products they sold. Upon arrival in Singapore, he, unfortunately, experienced a severe panic attack and needed to seek medical attention. After seeking medical treatment he was advised by the attending physician that it was not wise for him to continue with his presentation. The employee contacted his employer and explained the circumstances and how he was unable to continue with his presentation. The company director then made the decision to travel to Singapore and do the presentation himself. Under the company corporate travel policy all medical costs, additional travel and accommodation were all claimed and paid for in an extremely timely manner causing minimal disruption to the company.
Losing baggage or flight cancellations are only small components of Corporate Travel Insurance.