What Does Corporate Travel Insurance Cover?

Every business aspires to be the best in its market. They want to be the consumer’s first preference and make lots of profit. Most people wish their business to expand beyond the local border and expand within and outside the country. To do so, most businesses and corporations send their employees outstation to another city or country. It is always more beneficial for the businesses to get the deal or impress the investors if they a representative of the company interacts with the clients face-to-face.

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    Sending an employee for a business trip is a big opportunity for the organization as well as the employees. However, even business trips are not immune to unforeseen risks. A lot of things can go wrong during a business trip. The employee may miss his/her flight, lose his luggage/ documents, get sick or may have to postpone the trip. These events will not only prevent the employee from fulfilling the purpose of his trip efficiently but will also result in major financial losses to the company. The only way to stay prepared for such instances and prevent monetary losses is by securing the trip with a corporate travel insurance policy.

    What Corporate Travel Insurance is All About?

    Corporate travel insurance provides coverage to people travelling on business trips. It covers the corporate traveller against a variety of medical and travel-related adversities that may spoil the business trip. It covers the traveller against unforeseen situations faced during the business trip that may obstruct the fulfilment of the trip objective and may lead to major financial losses. In other words, corporate travel insurance provides financial assistance to the businesses to cover any loss or damages resulting from unforeseen expenses faced by the traveller during the trip.

    A corporate travel insurance policy is purchased by the employer or business organization whose employee is travelling abroad for a business trip. The employer can either buy the policy for a single trip or for multiple trips. A single trip policy is suitable if the employee is travelling on an occasional business trip. But if an employee needs to travel abroad on a regular basis, it is wiser to buy a multi-trip policy for him/her. Buying the policy before the commencement of the trip is of vital importance. Besides, almost all insurers allow organizations to customize their policies as per their requirements.

    Corporate Travel Insurance Coverage

    Corporate travel insurance provides coverage for a variety of unforeseen events that a corporate employee may face during the trip. Take a look at them below:

    Loss of Documents

    Travel documents are of extreme importance when travelling abroad. Nonetheless, it is one of the easiest things to lose. An employee can easily lose documents, such as his passport or ID proof during the trip and find themselves in a difficult position. But if he/she is covered under a corporate travel policy, they will be able to come out of such a situation without any hassles. The traveller just needs to contact the insurance provider who will assist him/her to get a copy of the lost or stolen document. They will also cover the cost of obtaining a duplicate copy of the lost document.

    Medical Emergencies

    Medical emergencies come unannounced and spoil the business trip. What if the employee gets sick due to the change in the weather conditions or meets with an accident. Sometimes, such instances can be so major that the employee may have to get admitted to a hospital. Healthcare expenses are very expensive abroad and hospitalization can have major financial implications. However, the employer does not have to worry about emergency medical expenses if the travelling employee is covered under travel insurance plan. It will cover the cost of hospitalization resulting from unforeseen medical emergencies faced by the traveller during the trip.

    Trip Cancellation

    Even pre-planned business trips can get cancelled at the last moment. A company may need to cancel his/her employee’s business trip due to an unforeseen emergency. For instance, if the foreign client is suddenly unavailable for a meeting or the employee family sees a demise. Such instances may lead to the cancellation of the trip and in turn, a financial loss as the flight and hotel bookings have already been done by then. However, the employer can be compensated for such losses if the trip was covered under a corporate travel policy.

    Trip Delay

    Sometimes, the business traveller may need to delay his/her trip. Situations like bad weather, flight delays, manmade disasters, etc. can make it impossible for the employee to stick to his/her schedule. Such trip delays may lead to additional expenses as well as monetary losses as the booked tickets and accommodation will go waste and a new flight and hotel booking will have to be made. All these expenses can burn a major hole in the company’s finances. But if the trip was covered under corporate travel insurance, such expenses will be compensated by the insurance provider.

    Baggage Loss

    When travelling on a business trip, business documents are as important as travel documents. The employee may be required to give a presentation or get some documents signed by the client. He/she may also be carrying some crucial business information on his/her laptop. Losing any of these documents or the laptop can be disastrous. Not only will it prevent the traveller from fulfilling his/her trip’s objective, but will also lead to financial losses. With a corporate travel policy, the traveller will be compensated for the resultant monetary loss.

    Dental Expenses

    Just like medical emergencies, health emergencies can also occur anytime no matter if you are within the country or abroad. Taking a dental treatment can be quite expensive abroad and avoiding getting the treatment done is not ideal. Luckily, corporate travel insurance also covers the corporate traveller against unforeseen dental expenses. This means any emergency dental expenses arising out of acute dental pain  will be paid by the insurance company.

    Legal Liability

    During the business trip, the employee may find him/herself in a situation where he/she may have accidentally caused damages or injuries to a third party or his/her property. This may result in legal liabilities, which the employee may be responsible to pay for. The employee can incur a financial loss in such a situation unless the trip is covered under a corporate travel policy. If he/she does, the insurance company will pay off the legal liability of the traveller on his/her behalf.

    Emergency Evacuation

    Sometimes, the employee may face unforeseen situations like an epidemic, natural calamity or political unrest in the foreign country where he/she had travelled on a business trip. Such situations may demand the emergency evacuation of the employee to the nearest hospital or back to India. The expenses incurred for the same may be expensive. However, people with corporate travel insurance will be covered against such expenses as the cost of evacuating him/her will be borne by the insurer.

    Body Repatriation

    If in an unfortunate incident, the employee passes away during his business trip abroad, the travel insurer will repatriate his/her body back to India. This is possible only if the business trip was covered under a corporate travel policy. Moreover, the insurer will also pay for the expenses incurred at the funeral of the traveller.

    What Does Corporate Travel Insurance Not Cover?

    Some situations and expenses are not covered by a corporate travel insurance policy. They are:

    • Any injuries or losses arising out of war or civil war or related situations
    • If the employee goes on the business trip against the advice of the doctor
    • Any losses or injuries arising out of an act of terrorism
    • Any injuries or losses caused under the influence of alcohol or drugs
    • Any injuries resulting from self-inflicted injuries, such as suicide
    • Treatment expenses for AIDS or HIV
    • Any injuries sustained while participating in hazardous sports, such as bungee jumping
    • Treatment expenses arising out of nervous or mental disorders
    • If the employee is planning to stay abroad for work for a long period of time

    Summing It Up

    Corporate travel insurance is a boon for businesses who need to often send their employees on business trips. They help the employers to save loads of money and prevent a financial loss by covering unforeseen events that the employees may face during their trips. Given the wide range of coverage offered by the policy, it is a win-win situation for the employer to buy a corporate travel policy for the employee’s trip. Just make sure to buy the policy as soon as the trip is scheduled.

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