Essential types of business travel insurance
In today’s interconnected business world, more companies are sending their employees abroad to seize business opportunities than ever. However, beyond organising 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 Pacific Prime UK article, we discuss the essential types of business travel insurance and advise on how to secure one that fits your business needs the most.
Business travel insurance: essential risks to cover
What is business travel insurance, you may be wondering? Similar to other types of travel insurance, 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. But what sets it apart from commercial travel insurance is the emphasis on corporate concerns.
Let’s take a closer look at the essential risks to cover when securing business travel insurance for employees or yourself.
Typical travel risks
Travelling for business can already be stressful, and potential mishaps, such as trip cancellations, missed flight connections, lost baggage, weather disasters and medical emergencies, might happen at any time.
Business equipment
A broken, lost or stolen laptop or phone can spell disaster during a business trip, making the cost for hire of broken, lost or stolen items 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 recommended to cover the costs of potential cyberattacks performed through a company’s stolen electronic device.
Other items to insure should include:
- Lost or stolen money
- Courier expenses of sending irreplaceable documents from your company headquarters to your destination country if something happens to them
- Costs of sending another employee to attend the event/meeting should the intended person fall ill and be unable to attend
Health and medical emergencies
When placing employees for international assignments, companies can show they care by providing comprehensive medical coverage during their business trips. Ensuring their health and lives are fully protected can increase employees’ loyalty to 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 trip, it is still essential to check in advance the country’s requirements where your employees are going on a business trip – especially in our post-pandemic world. Some countries have mandatory insurance requirements and failing to fulfil them might result in your employees not being able to enter.
Structuring a business travel insurance policy
A business travel policy can be part of group health insurance for employees, which can include domestic private medical insurance with an option for international and travel coverage for 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 and company cars, to worker’s compensation benefits, professional indemnity and product liability cover.
A word on benefit limits
It’s understandable to want to save on business travel insurance costs. However, 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.
Secure business travel insurance with Pacific Prime UK
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. The best and easiest way for companies to structure any type of insurance policy is to consult an insurance broker. A reputable broker like Pacific Prime UK can mix and match policies, benefits and limits to truly satisfy the specific needs of each company.
Whether you’re looking to secure group travel insurance in the UK or have any more questions about your insurance obligations as an employer, our experienced corporate team can guide you through your options to ensure that your company and staff are protected at home and abroad.
Contact the employee benefits and corporate insurance experts at Pacific Prime UK today!
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