Traveling has been a part of all our lives. There are multiple reasons as to why you might be traveling. As the travel world is opening up now, folks are traveling for business even more. It is necessary that one is ought to travel with business travel insurance. During your journey many incidents could take place, like medical issues, loss of work documents, delayed or canceled bookings, and many more instances. If you are a business traveler or going to start traveling for work purposes, then this blog is just what you need. Along the blog you will discover every detail related to business travel insurance.
Lets understand what exactly is Business Travel Insurance?
A business travel insurance is basically a policy that acts as a precaution during difficult circumstances. Any accident such as cost of flight delays, medical problems, missing luggage and pricey items. This service is mainly rendered to corporates who send their employees for work to different locations.
Types of Business Travel Insurance
- Single Trip Insurance: The insurance will cover the tenure from the date of entry in the country till the date of exit.
- Multi Trip Insurance: This insurance covers multiple trips within a fixed duration frame.
Inclusions in Business Travel Insurance
- Medical Costs: A medical travel insurance will cover all the aspects of your medical requirements such as medical treatments, falling ill, accidents, medical evacuation and problems related to respiration systems. Even if your employee falls ill right before the trip, your insurance provider will help you recover all spendings related to the trip.
- Delay| Cancellation| Interruptions: Unexpected delays or flight cancellation could take place anytime and could put you or your employee completely off the schedule. At that moment an alternative needs to be arranged if you need to be at that place at priority. Your policy will cover for delay or cancelation due to natural phenomenons. The company will be compensated for that replacement journey.
- Loss of Luggage and Gadgets: This policy is very much needed in your insurance. Make sure you got this. Many providers cover theft of bags or documents, but you also need to protect your work gadgets. The travel insurance company has to compensate you for the missing goods or present you with a replacement.
- Life Insurance: Usually the business travel Insurance provider will cover you for death or flight accidental death. But it is important for you to check the policies again before taking it up.
Exclusions in Business Travel Insurance
- Existing medical conditions
- Risky activities or Intoxication
- Personal electronics
- Conflicts and Natural calamities
To Do List While Purchasing a Insurance
- Trip Repetition: Every business requires a different type of trip frequency. If your employees are traveling regularly then you would need a multi trip insurance and if it’s only once in a while then you can opt for single trip insurance.
- Medical Conditions: One of the major reasons as to why a person chooses insurance is to cover the health part. Every insurance provider has different policies and inclusions. So you need to check which medical conditions you require.
- Duration of Trip: The length of the trip will determine the length of your insurance. The longer your trip, the higher the premium will be. It would be recommended to select the provider accordingly.
- Inclusion size: In this point it basically depends on the location your employee is traveling to. If the employee is going to a destination where the medical is expensive you will need a bigger cover and vice versa. The policy will be expensive if the medical cost is higher.
- Extra add ons: Every insurance provider will cover your basic company properties. But it would be better if you would select business travel insurance where your personal items are covered too.
- Customer Service: It is very important that your provider is prompt in claiming your insurance and there is no laid back attitude. Make sure your provider has 24/7 support as you might face an emergency at any time.
- Destination: The premium of the insurance would also depend a lot on the destination your employee is traveling to. High currency countries like the USA/ Australia/ Canada would have higher cost and vice versa.
This brings us to the end of this blog. Incidents are bound to happen when you unexpect it the most. As correctly said Prevention is better than cure. Take the correct measures and secure your trips. This will make conducting your business related work peacefully
Visadone hopes that this blog has helped you understand business travel insurance better, stay looped in for more such information.