What Does Business Travel Insurance Cover?
If any employees are ever required to travel for their work, their employers have a duty of care to protect them. This is equally true for the employer’s board members, remote workers, consultants, and contractors too.
It’s one thing knowing your employees need to be protected, and another thing knowing what business travel insurance policy to choose. After all, what’s included in travel insurance for business trips can vary from policy to policy. Fortunately, at Higos we have over 56 years of combined experience in the insurance industry and can provide all the advice you require for your company travel insurance policy.
What Is Business Travel Insurance?
We should begin by explaining what business travel insurance is. First and foremost, this is a form of corporate travel insurance that will cover your employees should their business trip be affected by any external sources. Generally, this coverage will last for the total duration of the trip, from the first day of travel until the time they return to the office.
Travelling can often be a complex process but having the right business travel insurance in place will provide peace of mind should the unexpected happen. What could be a major expense can be reduced significantly with a business travel insurance policy to protect both you and your employees.
What’s Covered With Business Travel Insurance?
Like all commercial insurance policies, business travel insurance can offer varying levels of coverage. What’s best for one employer might not be suitable for the next. At Higos, we can discuss your firm’s unique requirements to find the best policy to fulfil your needs. Below, we’ve listed some of the main areas that will often be covered with company travel insurance.
Trip Cancellation
Flight cancellations and delays can be caused by any number of reasons, from adverse weather to issues with the airline. With that in mind, this can be one of the more common issues to affect a business trip. Fortunately, business travel insurance can help with the costs of making new travel arrangements. In some circumstances, this can provide cover for further expenses such as hotel stays too.
Emergency Evacuation
On any travel trip, there’s a risk of being caught up in a natural disaster, terrorist attack, or pandemic outbreak (as Coronavirus has recently shown). Business travel insurance can help with the immediate evacuation of your employees should this happen.
Illness And Accidents
Unexpected illnesses and accidents can strike at any time, and without appropriate coverage, these can lead to significant expenses. A lot of business travel insurance policies will provide for these medical costs as well as providing financial aid to your employees in case of fund shortages. This can be particularly useful for travellers when they’re abroad and their expenses aren’t covered by their usual medical insurance policies.
As well as any unexpected issues, people with chronic conditions can also receive coverage from their company travel insurance in case of any flare-ups during their travels. In this case, this would need to be declared before the business trip.
Theft And Loss
Most travel insurance for business trips will cover the loss of check-in baggage that’s lost in transit, as well as help with funds to reapply for any lost travel documents. Furthermore, business travel insurance can offer coverage for electronic devices that are lost or stolen, whether at the airport or during the wider business trip.
Industrial And Charity Work
Our business travel insurance policies can offer coverage while engaged in various industrial work activities. These include manual labour using power tools, agricultural machinery, working to height, and working on construction heights, as well as less hazardous working trips such as attending meetings, seminars, trade-fairs, and events.
Most travellers are unaware that standard polcies will not cover them if travelling for voluntary or charity work, but this too isn’t a problem for Higos.
Travel To Countries The FCDO Advises Against
Some destinations are considered high-risk including areas of civil unrest, or places facing natural disaster. Most standard travel insurance policies won’t cover travel to destinations the FCDO advise against all travel or advise against all but essential travel, but a specialist business travel insurance from Higos will.
How To Choose A Business Travel Insurance Policy
It’s worth reiterating that not everything mentioned above will always be covered by a business travel insurance policy. That’s why it’s important to seek out expert advice before choosing your corporate travel insurance. Chartered insurance brokers can ensure that the policy you opt for matches your requirements.
At Higos, we’re certified by the Chartered Insurance Institute and have experience in finding policies for all aspects of business, including travel insurance for business trips. Our dedicated team will discuss your exact requirements to ensure you’re receiving the best possible service, and that you come away with the right business travel insurance for your needs.
If you’d like to speak to a chartered insurance broker to find the right coverage, get in touch today. Our team of experts are happy to help, regardless of your industry or business size. For corporate travel insurance, it has to be Higos.