Business travel insurance
If you're travelling for work, corporate insurance can save you from major headaches when things go wrong. Find out more about business travel insurance.
Travelling abroad for work these days usually involves taking along a number of expensive devices such as laptops, tablets and smartphones. Losing or damaging any one of those during a busy business trip or having a sudden flight cancellation can lead to serious financial losses. The right business travel insurance can cover you when you need it most.
What is business travel insurance?
Business travel insurance offers a higher level of cover than standard travel insurance. It’s specific to the needs of business travel and protects the company (and individual) from the costs that can occur due to delays, cancellations or illness.
What does business travel insurance cover?
Business travel insurance usually covers:
- Cancellation cover. Cancellations are a normal part of business travel. Business travel cover can protect you or your business from losses due to flight or booking cancellations due to unforeseen events.
- Cover for loss of personal items. Most travel insurance policies will cover the loss or damage of personal items such as luggage or electronic devices. However, business travel insurance includes cover for important documents or other equipment.
- Emergency medical assistance or evacuation. Overseas medical expenses have the potential to cause significant losses to businesses in the event their employee is hospitalised overseas or is required to be transported home. Many corporate policies will offer unlimited medical cover for employees.
- Travel delay. The costs of additional accommodation expenses will be reimbursed if the employee’s transport is delayed for an extended period of time.
- Political risk and natural disaster evacuation expenses. Covers costs incurred for returning the insured employee to their country of residence or nearest place of safety if they’re required to evacuate as a result of political risk or natural disaster.
- Breach of identity cover. Provides cover for legal expenses, lost wages or other losses that may be incurred following an insured person’s identity being taken and used by another party.
- Replacement colleague cover. In the event you’re unable to attend an important business meeting, this feature will cover the expenses for a colleague to go in your place.
- Business money. Business travel can often involve carrying large sums of money. With business travel insurance you’ll be covered if it gets lost or stolen.
What if I take more than one business trip?
If you take more than one trip every year, you might be better off getting an annual multi-trip policy. An annual policy turns out to be cheaper in the long run and also saves you the hassle of taking out insurance every time you travel.
How much does corporate travel insurance cost?
The cost of business travel insurance depends on a number of factors such as:
- Number of trips. This is the number of trips you take during the length of the policy.
- Duration. The length of time your trip is expected to last.
- Destination. Where you’re travelling to can have an impact on your premium due to differences in, for example, the cost of medical care.
- Activities. The activities you plan to take part in. For example, if you plan to do any risky activities such as skiing, it might raise the cost of your policy.
- Benefit excess. Each benefit will have an excess applied that will need to be paid in the event of a claim. Most employers will cover this amount for the insured employee.
- Age of travellers. Premiums can be higher for people past a certain age.
- The policy chosen. Different policies can vary greatly depending on the benefits offered and the level of coverage and will be reflected in the cost of each policy.