What Is The Purpose Of Corporate Travel Insurance?
People travelling on business are often given the coverage of corporate travel insurance. It protects the business traveller from the costs of medical and transportation-related mishaps that could jeopardise the trip. It protects the traveller from unforeseen circumstances encountered while on a business trip that could prevent achieving the trip’s goal and cause significant financial losses.
It is important to understand what is covered in travel insurance, especially the one selected for business trips.
Travel Insurance For Business Travel
Documents Are Lost
Travel documents are crucial when visiting another country. However, it is also one of the things that you may easily lose. During the trip, an employee could end up losing important documents, like his passport or ID, putting them in a precarious situation. However, if corporate international travel insurance protects them, they can resolve this issue without problems.* Claims are subject to terms and conditions set forth under the travel insurance policy.
Medical Emergencies
Unexpected medical problems can ruin a business trip. What if an employee has an accident or becomes ill due to a weather change? These occurrences can occasionally be so severe that the employee might need to be hospitalised.* Claims are subject to terms and conditions set forth under the travel insurance policy. *
Trip Cancellation
Even scheduled business trips can be changed at the last minute. A sudden emergency may require a company to cancel an employee’s business trip. For instance, if the foreign client cancels the meeting due to some emergency or someone in the employee’s family passes away. Since the flight and hotel reservations have already been made, such occurrences may result in the trip being cancelled and financial loss.* Claims are subject to terms and conditions set forth under the travel insurance policy.
Trip Delay
The business traveller may occasionally need to postpone their trip. Employees may not adhere to their schedule due to inclement weather, flight delays, man-made disasters, etc. Such delays could result in extra costs and financial losses since the reserved tickets and lodging would be lost, and a new reservation for a flight and hotel would need to be made.* Claims are subject to terms and conditions set forth under the travel insurance policy.
Baggage Loss
Business documents are just as crucial as travel documents when travelling on business. The employee might have to deliver a presentation or get the client to sign paperwork. They might also be carrying a laptop with critical business information. It could be disastrous to lose the computer or any of these papers. It may also result in financial losses.* Claims are subject to terms and conditions set forth under the travel insurance policy.
Emergency Evacuation
Occasionally, an employee may experience unforeseen circumstances while abroad on business that may require them to be brought back to India with assistance. For example, an accident or health emergency that needs extensive medical attention in the homeland. Business travel insurance may help with emergency evacuation.* Claims are subject to terms and conditions set forth under the travel insurance policy.*
Repatriation of Mortal Remains
If an unfortunate incident results in the employee’s passing away while on business outside of India, the travel insurance will repatriate the mortal remains of the person insured. Only if a corporate travel policy covers the business trip is this feasible.* Claims are subject to terms and conditions set forth under the travel insurance policy.
A travel insurance premium calculator is an easy-to-use tool to determine the premium you need.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
