International and domestic travel is both exciting and essential to the operation of many businesses. However, there is no shortage of risks involved in travel, and much like personal travel, it is important to ensure your business is adequately covered for any unanticipated travel costs. Whether it is yourself or one of the business’s employees, Corporate Travel insurance can assist in covering any costs when incidents occur during work related travel.
Corporate Travel insurance can cover the business from financial loss that stems from a variety of circumstances, including flight cancellations, lost or stolen items, or health emergencies. Corporate Travel insurance not only protects yourself, the business’s directors and employees but also the loved ones travelling with them, ensuring that in moments of misfortune, there is a way to recover losses.
With the unpredictable nature of travel and working beyond the familiar, it is essential for every business to have Corporate Travel insurance, if they plan to travel for work related purposes in any capacity.
What does Corporate Travel Insurance cover?
At Cerberos Brokers, we can assist you with finding the right cover that best suits the needs of your business in regard to work related travel.
Let’s say an employee is attending a conference in New York, where they must make a big presentation on the company’s behalf. While on the way to the conference, the employee is involved in a car accident, fracturing their spine. The employee is taken to hospital and has to undergo extensive surgery in an overseas hospital and will have to recieve physiotherapy.
You decide that the presentation at the conference is too important to call off, so you personally fly to New York, also booking additional accommodation and transport. Here is a snapshot of the type of cover that your Corporate Travel insurancepolicy might include:
Personal liability cover to ensure that the business recovers losses from any property or bodily damage that you or an employee may have been responsible for. Using the example provided, perhaps the employee is the one who caused the car accident, inflicting damage on other motor vehicles. Personal liability cover in a Corporate Travel insurance policy may allow for the recovery of the costs associated with the damage that the business is responsible for.
Life and disablement cover can protect employees of the business if they pass away or become disabled while travelling for work purposes. If the employee in the above scenario were to become permanently disabled from the accident, the right Corporate Travel insurance could protect them in the future.
Overseas medical and evacuation costs can cover losses incurred as a result of staff becoming seriously ill or injured during the business trip, including medical and evacuation costs. In the scenario, this may include the medical costs of the employee’s surgery, rehabilitation, or any costs associated with getting the employee back home.
Flight cancellations and missed connections can cover the costs of booking any additional flights and accommodation for employees. If the employee in the above scenario were to miss their flight home, as a result of their stay in hospital, having the right Corporate Travel insurance cover may help the business recover any additional flight costs.
Loss of deposits can include compensation for lost deposits on accommodation, flights, or conferences if the trip is cancelled resulting from accident or illness. This means that the business can seek reimbursement for the employee having missed the conference or the deposit placed for accommodation.
Cost of replacing an employee ensures that the cost of having to hire additional staff to replace an employee who cannot work due to an injury induced during work travel may be recovered. In the above scenario, with the right cover, you could claim for losses suffered, including costs associated with you having to replace the employee at the conference (additional flights, accommodation etc.) and the costs of hiring a replacement for the employee while they are unfit to return to work.
Rental car excess can help you recover excess for a damaged or stolen rental vehicle. If the car involved in the accident in the scenario was a rental, the excess for the damage may be recoverable.
While exclusions and excess depend on the particular insurer, generally Corporate Travel insurance policies exclude certain pre-existing conditions, refunds if the travel provider becomes insolvent, and travelling against any medical advice. What you are and aren’t covered for very much depends on the particular policy, yet having the right Corporate Travel insurance can give you the best chance of recovering losses associated with work travel. Not sure what the right policy is to protect your business in its travel endeavours? Get in contact with Cerbors Brokers here, to find a tailor-made solution that meets the needs of your business, at the right price.