So much can go wrong when we travel. Medical emergencies, accidents, theft and even lost passports can cause a crisis. The same applies when we travel for work. Companies should always plan for potential medical and emergency situations before asking their employees to travel.
What you will learn:
- What is Business Travel Insurance?
- Who needs this policy?
- Coverages and limitations
- Scenarios to consider
What is Business Travel Insurance?
Business Travel Insurance is provides coverage for a company's employees in the event that they suffer injuries or illnesses when traveling for work.
This policy provides financial protection for the employer and offers employees with peace of mind. They would be more confident to travel knowing they have insurance in place and a support team to guide them on the fly through critical situations.
With custom coverages for different industries, professions and regions of the world, travel accident policies applies to every type of business. From english teachers working in third world countries, to government contractors with projects in conflict zones.
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Who Needs Business Travel Insurance?
Companies with two or more employees with ongoing business travels must consider this policy. This is especially true for employers sending team members abroad, since international travel can have a greater potential for risk than domestic travel. Premiums usually higher for international travel as a result.
Companies in these industries need this coverage the most:
Coverages and Limitations
While the specifics of every policy differs based on the type of carrier you choose, your industry and where your employees travel, most of these policies provide coverage for:
- Medical and security evacuation
- Kidnap, ransom and extortion
- Foreign Workers Compensation
- Foreign General Liability
- Travel assistance services
- Emergency sickness
- War and terrorism
Coverage can extend to people who are employed, connected to, or traveling on behalf of the employer such as:
- Spouses or domestic partners
- Non-employee Board of Directors
- 1099 Contractors
Coverage Limitations and Exclusions
The destination plays a role in determining insurability since some countries are sanctioned, such as Iran, North Korea, Cuba and Syria.
Coverage for injury can also be denied if caused by:
- illegal activity by an insured or someone acting on their behalf
- deliberately self-inflicted injuries
- participating in a professional sport
- exposure to radioactivity or nuclear fuel
It's also important to keep in mind that nearly most policies require insureds to be at least 100 miles away from home before coverage kicks in.
Travel Accident Scenarios
Ultimately, the peace of mind that comes with this policy helps employees focus on doing what they do best, without worrying about the what-ifs.
If you're not sure if you need this coverage, consider these real-life claims that travel insurance can bail your team out of when:
- Executive gets in a big car accident with a rental vehicle
- Reporter gets injured during a violent riot situation
- Someone suffers a stroke and needs medical emergency evac
- Supplier loses passport and needs an expedited solution
- Team gets their valuable equipment stolen
High-stress also require expert assistance. A travel policy provides a point of contact that can fly into action to immediately initiate the claim and deliver the help needed.
Reliable coverage and communication goes a long way during accidents. This aspect of the policy is arguably as valuable as the financial coverage itself.
If your company is sending employees abroad without travel insurance in place, talk to an insurance advisor than can assess your needs and recommend a solution.
Besides, your employees are your most valuable asset. Investing in their security, comfort and confidence will help yield positive results.