Even though most companies offer health insurance and worker’s compensation as part of their employee benefits, these policies do not cover employees when they travel. This is why you need corporate travel insurance.
Usually, corporate travel is generally safer than leisure travel, but some risks still need to be taken into account while travelling. Business travel insurance from a reputed provider like Bajaj travel insurance offers employees some relief knowing that they are safe in case things go awry.
What is corporate travel insurance?
Corporate travel insurance protects an employee from a variety of risks that arise during a business trip. Most of the time, this coverage lasts from the first day of travel until the employee gets back to work.
A few benefits of travel insurance for business travel include the following –
- Employer responsibility: Duty of care is an important part of corporate travel programmes. Employers are legally bound to protect their travelling employees, board members, remote workers, consultants, and contractors.
- Assistance services:Business travel often requires employees to visit remote locations. With covid being an added factor, the complexity of risks has been increasing. This insurance provides support with arrangements, pre-trip and cultural guidance, and multilingual assistance around the clock.
Many insurance providers have separate programmes that give employees real-time safety and security suggestions through tracking apps. These apps monitor employees’ whereabouts, send them real-time notifications in the event of potential threats, and provide immediate assistance.
- Centralised procurement with a single vendor:By incorporating corporate travel insurance within a company’s travel programme, travel managers would no longer need to procure these services from numerous vendors individually. Instead, they are centralised in a single location and offered by a single vendor.
Corporate travel insurance would make each business trip more expensive, but it would also protect against major financial losses.
What does corporate travel insurance cover?
- Evacuation and repatriation of employees stuck due to natural disasters or other circumstances beyond their control
- Medical emergencies arising out of illness and accidents
- Trip cancellations
- Theft and loss of baggage, important documents such as a passport or other personal belongings such as phone and iPad.
How to find the right insurance policy for business travel?
Businesses that want to buy business travel insurance need to know that there is no one-size-fits-all policy. Based on the type of business travel that is common in their industry, organisations have different needs. Here are some things you should think about to make sure you get the right insurance policy:
- Type of insurance policy: Determine whether a domestic or an international insurance policy is needed. Similarly, determine whether a single-trip or multi-trip policy would be beneficial, as it depends on the number of trips your employees need to undertake within a year.
- Cost: The cost of an insurance policy usually depends on how many employees are travelling, where they are going, how long the trips are, and even what the employees will be doing on their trips
- Coverage offered: Review multiple policies and compare the levels of coverage for domestic and international travel, how much the policy would reimburse for each category, and how many employees can be added to a group insurance policy.
- Assistance provided: Lastly, look at how much time each policy gives you. It’s best to choose policies that offer full coverage and multilingual support 24 hours a day, seven days a week (via texts, calls, email, or in-app notification).
To sum up, when employees travel for work, it is the employer’s job to make sure they are safe. Getting the right corporate travel insurance from a trusted provider like Bajaj travel insurance would protect your employees and their belongings, as well as keep your business from losing money.
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