Business travel insurance covers expenses related to unexpected incidents during a business trip. For example, depending on the terms of the policy, business trip travel insurance may cover emergency medical expenses, lost baggage, emergency evacuation, and other expenses. Keep reading to learn more about business travel insurance and why it is so important.
Corporate travel insurance benefits both businesses and their employees. From an employee’s perspective, this insurance offers extra peace of mind while traveling for business purposes. If your company has travel insurance, employees can rest easy knowing that you value their health and personal property.
A good business travel policy should include business trip cancellation or interruption coverage, which can reimburse up to 100% of your costs if a trip is canceled for a covered reason. Injury, illness, and death are the most common reasons for trip cancellation. Trip interruption insurance reimburses the unused portion of a trip interrupted by severe weather, serious injury, the death of a traveler, or some other covered reason.
Any company paying employees to travel as part of their jobs should have business travel insurance. If you do not have this coverage, your company may lose money on canceled flights, hotel reservations, and other business-related travel expenses. You may even have to pay for employees’ medical expenses if injured. Business trip insurance protects your company’s finances and shows employees you care for them.
A comprehensive travel business insurance policy should include several types of coverage. The best policies cover emergency medical evacuation, security evacuation, medical expenses, health insurance, and trip cancellations or interruptions due to COVID-19.
International travel presents some unique challenges for employees. If an employee is not fluent in the local language, they may have trouble seeking help in the event of a natural disaster or medical emergency. Depending on where your company does business, employees may need to be evacuated if they require specialized care overseas. This makes it critical to have comprehensive business travel insurance.
Business trip insurance and work abroad insurance are two different things. Trip insurance covers employees while they are traveling abroad on short trips. For example, an employee who travels from the United States to France for two weeks needs business travel insurance to cover trip cancellations and interruptions. Work abroad insurance, also known as an ex-pat or working abroad insurance, is intended for employees who work overseas for long periods. For example, an employee who moves to France for one year needs ex-pat insurance to cover their medical expenses and other needs while working abroad.
Without small business travel insurance, it is difficult to estimate how much employee travel will cost your business each year. For example, you never know if an employee will get sick during a business trip or require emergency evacuation due to a natural disaster, security concern, or medical emergency. Business travel insurance makes your costs more predictable by covering these unforeseen expenses.
If you do not have insurance for business travel, your company may lose a significant amount of money if an employee has an emergency during a business trip. Due to workers’ compensation laws in the United States, you may even be liable for an employee’s medical expenses if they are injured while traveling on behalf of your organization. Corporate travel insurance helps limit your financial losses.
Accidents happen, even when employees are on scheduled business trips. Business travel accident insurance covers expenses associated with many incidents, including terrorism, civil unrest, and natural disasters. For example, if an uprising occurs while an employee travels overseas, business travel accident insurance covers the costs of evacuating them to a safer location.
The best thing about business travel accident insurance is that it applies to any business trip. It does not matter if an employee travels 20 miles to a satellite office or thousands of miles to a different country. If a covered incident occurs, the insurance policy pays for it.
This amazing feature allows our clients to potentially avoid fronting their own monies and going through a claim reimbursement process. By contacting GoReady immediately when experiencing any covered event such as a flight disruption, illness, or injury, our team can coordinate the solution and pay for it on the spot. This includes booking or rearranging flights and hotels, coordinating medical care, or arranging a medical evacuation or repatriation. Learn More →
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