Business travelers, and the travel managers who plan for them, have different concerns when it comes to addressing unexpected inconveniences. Corporate travel insurance policies can be a great fit for any business looking to mitigate expenses related to company travel, including non-refundable costs associated with emergency flight or hotel changes, necessary medical treatments for traveling employees, and equipment or property loss. While canceled flights, missed connections, baggage delays, and medical emergencies are difficult for any traveler, there are unique considerations for corporate travelers and specific provisions for the business travel insurance policies that cover them.
What is business travel insurance?
Most business travelers rest assured that, should travel disruptions incur financial burdens or schedule changes, their employers will cover those costs and take care of any additional related needs. As such, corporate travelers' insurance needs may differ from those of the average traveler's comprehensive policy. Business travel insurance coverage can provide for emergency medical expenses, work and job loss related trip cancellations and interruptions, travel assistance services, corporate equipment damage and/or loss, baggage delays, and more. Corporate insurance travel policies typically include provisions for both medical care and property loss or damage.
Travel managers should consult with appropriate human resources personnel to ascertain current workplace healthcare plan terms of benefits when determining the best options for travel insurance, both for national and international travel. Some domestic medical insurance plans cover international emergency care, while others don't. Even when covered, international medical care may be limited in scope and only partially reimbursed. A travel medical insurance plan can address those limitations and offer additional or complete coverage in cases of an emergency. Plans may also provide for emergency evacuation to a hospital, provider, or a center that is recognized by the medical community as delivering the highest level of care for appropriate treatment if one is not otherwise readily available.
Property Loss & Damage:
Medical emergencies aren't the only concern for many travel managers: employees traveling with expensive company equipment typically necessary for corporate meetings such as laptops, smartphones, and other electronic devices can be equally stressful. Baggage loss and property damage coverage is another important component of an adequate business travel insurance policy. Limitations of reimbursement can vary widely with these policies so travel managers should be sure to research the best fit based on traveler luggage/equipment value. In cases of significant baggage value, it may be worth the extra research and premium to find a specialized corporate travel plan, as they can offer considerably higher reimbursements for damages and loss.
A Note on Assistance Services:
Some policies may also include provisions for a variety of helpful and worthwhile assistance services including, but not limited to: travel information, medical, concierge, identity theft, business, and security.
For any insurance questions, call or contact Executive Insurance & Financial Services today.