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Essential types of business travel insurance

In today’s interconnected business world, companies send their employees to seize business opportunities abroad more than ever. However, beyond organizing meetings, accommodation and travel arrangements, employers should also ensure the safety of their staff, as well as an overall trip success by securing specific travel insurance for business. In this feature, Pacific Prime UK discusses the essential types of insurance for business travel and advises how to secure one that fits your business needs the most. 

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Business travel insurance: essential risks to cover 

Business travel coverage focuses on the extended travel insurance cover, which also includes stolen/broken belongings, topped up with medical evacuation and health insurance cover, for truly comprehensive protection. 

Typical travel risks 

Business travel is already a stressful event, and potential mishaps, such as trip cancellations, missed flight connections, lost baggage, weather disasters, and medical emergencies, might happen anytime. 

Business equipment 

A broken, lost or stolen laptop or phone can be a disaster for the current business trip. Thus the cost for hire of broken, lost or stolen items is advisable in any business travel policy. 

Lost company laptops can also become a cybersecurity threat to a company.  Therefore, requesting a type of cybersecurity protection is advised to cover the costs of potential cyberattacks performed through a stolen company electronic device. 

Other items to insure should include lost or stolen money, as well as courier expenses of sending irreplaceable documents from your company headquarters to your destination country if something happens to them, and even the costs of sending another employee to attend the event/meeting should the intended person fall ill, and can’t attend. 

Health and medical emergencies 

When placing your employees for international assignments, as a company you show that you care by providing them with comprehensive medical coverage during their business trips. Ensuring their health and lives are fully protected can increase your employees’ loyalty towards the employer, as they know they don’t need to pay any out-of-pocket costs in case of an emergency. 

Country-specific visa requirements

While not directly related to every business travel, it is still essential to check in advance the country’s requirements where your employees are going on a business trip. Some countries, for example, the UAE, have mandatory insurance requirements and failing to fulfill them might result in your employees not being able to enter the country. 

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Structuring business travel insurance policy 

The best and easiest way for companies to structure any type of insurance policy is to consult an insurance broker, who can mix and match policies, benefits, and limits to truly satisfy the specific needs of each company. 

Business travel policy can be part of group health insurance for employees, which can include domestic private medical insurance in the UK with an option for international and travel coverage for those employees who travel often. 

Medical and travel benefits can be then topped with the typical corporate insurance items, as mentioned earlier, and may include property cover – from buildings to all equipment such as laptops, company car,  to worker’s compensation benefits, and professional indemnity and product liability cover. 

A word on benefit limits 

One thing to be aware of when purchasing business travel insurance for your employees is that the cheapest plan is usually not the best value policy. Some insurers may issue very basic travel insurance for visa entry purposes but will offer only very basic coverage with low limits and an extensive list of exclusions. Therefore, it can pay to search around for a travel insurance plan that offers higher levels of protection for all sorts of health and business travel-related eventualities.

Questions? Contact Pacific Prime today

Insurance can be a very complex matter and trying to work out the business travel insurance requirements for your employees can be daunting, and time-consuming. If you have any more questions about the subject or are unsure about your insurance obligations as an employer, the experienced corporate team at Pacific Prime UK can guide you through your options to ensure that your company and staff are protected at home and abroad.

To discuss your insurance requirements, contact the employee benefits and corporate insurance experts at Pacific Prime today!

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Content Creator at Pacific Prime UK
Elwira Skrybus is a content writer at Pacific Prime. In her everyday work, she utilises her previous social media and branding experience to create informative articles, guides, and reports to help our readers simplify the sometimes-puzzling world of international health insurance.

When she isn’t writing, you are most likely to find Elwira in search of the perfect plant-based burger or enjoying Hong Kong’s great outdoors either at the beach or on a boat - the closer to the sea, the better!