All You Need to Know About Corporate Travel Insurance

Business travels, be it international or domestic, can be fun as you get to meet different kinds of people and experience vast cultural diversity. But it can also turn into a nightmare if something goes wrong. Any unforeseen incident, such as flight delay or loss of personal documents, can have huge financial implications apart from giving a lot of trouble. To ensure that your business trips remain pleasant and safe, the best thing to do is to take a corporate travel insurance policy.

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    Corporate travel insurance is targeted towards employees who are required to travel, domestically as well as internationally, for business purposes.

    Most corporate firms buy domestic or international travel insurance plans to minimize their liabilities towards their employees who are traveling. They have the liberty to opt for customized travel insurance plans based on the individual traveler’s requirements.

    Corporate travel insurance plans offer protection against expenses that might occur due to unforeseen events like accidents, medical sickness or other mishaps while traveling. It not only provides cashless hospitalization but also covers the evacuation cost.

    Some of the best travel insurance India plans are provided by Bajaj Allianz, Cholamandalam, Religare, TATA AIG and ICICI Lombard among others

    Why Do You Need Corporate Travel Insurance?

    • If your check-in luggage gets lost while in transit or there has been a delay in receiving the baggage, the corporate travel insurance covers the employee against the costs associated with it.
    • If an employee dies or is permanently disabled in an accident abroad, then this insurance policy takes care of all the expenses. It not only covers medical expenses but also helps in transporting the body of the deceased back to his or her home town or country.
    • The corporate insurance policy also reimburses a specific amount spent on dental treatment, which an employee may need during the trip.
    • Corporate travel insurance comes to your rescue if you lose important documents like passport or driving licenses during the trip. It reimburses the expenses involved in applying for the documents again.
    • Corporate travel policy provides sufficient financial help to the employee in case he or she suffers an injury or is involved in a medical emergency abroad.
    • In case of a hijack situation, trip cancellation, trip getting delayed or cutting short your trip, this business travel insurance covers all the related costs or losses.

    Domestic Travel Insurance for Corporate Travelers

    Travel insurance providers in India offer various types of travel insurance plans including student travel insurance and domestic travel insurance. Business travelers who have to travel within the country can opt for a domestic travel insurance policy.

    You can either go for a single trip travel insurance policy or a multi-trip cover. A multi-trip insurance cover is tailor-made for frequent travelers. It is not only more economical but also saves them the time and trouble of buying individual travel insurance policies before each trip. Apart from covering the insured employee, this policy can also be extended to cover his or her family members including spouse, parents and children.

    You can get domestic travel insurance at the time of booking your ticketson a travel website as such websites often have a tie-up with insurance companies.

    You can also purchase travel insurance online separately by visiting the official website of a travel insurance company.

    Things Not Included in Most Corporate Travel Insurance Plans

    Several risks are not covered in corporate travel insurance plans. These are:

    • Extra cover for pre-existing conditions (like cardiac problems, asthma, hypertension, diabetes).
    • If you are taking part in adventurous sports that have a risk factor associated with it e.g. fast biking, sea sports, mountaineering among others.
    • Traveling to countries that are listed in the high-risk category due to terrorism, war or natural calamities.

    Apart from the basic cover, you can also buy travel insurance plans with add-on riders by paying an extra premium as many times they are not included in the basic plan.

    Eligibility criteria for corporate travel insurance

    • Any person applying for corporate travel insurance should be an Indian citizen and has to be 18 years and above.
    • It is mandatory for an applicant to be a corporate employee.

    Documents Required for Corporate Travel Insurance Claim

    The following documents need to be submitted by a company in order to register a corporate  travel insurance claim:

    • A statement filled and duly signed by the overseas doctor, who has treated the insured person.
    • A discharge form filled and signed by the insured.
    • Make sure you have all the medical records, consultation papers and reports.
    • Ensure you have all the medical expense bills.
    • You must have the original paid receipts if you are filing for reimbursement claim
    • A stamped copy of the visa.
    • In case of lost baggage or cash, you have to submit the certified copy of the police complaint along with a copy of your passport.

    With corporate travel insurance by your side, any company’s employee can travel without worrying about the unforeseen circumstances that he might come across during his trip. By purchasing a corporate travel insurance policy, a company can financially protect itself and its employees who are traveling for business purposes.

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