"All travel carries with it inherent risks, even short-term travel to familiar overseas locations for meetings and conferences. Risks from political tensions, civil unrest, fraud, severe weather, natural disasters and security of corporate information exist in countries that are not usually considered dangerous."
Smart Traveller website, 2017
When business travel doesn’t go to plan, Corporate Travel Insurance can help to cover out-of-pocket costs to your business and employees.
If you or your employees need to travel for work, Corporate Travel Insurance can protect your business from financial loss associated with situations such as overseas health emergencies, flight cancellations or lost and stolen baggage. Corporate Travel insurance is similar to personal travel insurance. It can cover your business for unanticipated travel costs if specific events happen.
Corporate Travel Insurance also covers your directors and employees, and spouses and dependents travelling with them.
Corporate Travel Insurance vary in the benefits they provide. Your Steadfast insurance broker can help you find the right product to suit your business travel needs. But to give you an idea, here’s the type of cover that your policy may include;
Overseas medical and evacuation cost - The prohibitive costs incurred of covering staff for medical and evacuation costs if they become seriously ill or injured during a business trip
Life and disablement cover - Protects your valued staff if they become disabled or pass away while travelling for business.
Lost luggage and personal effects - Avoids the expense of replacing business equipment such as laptops as well as employees’ lost or stolen belongings.
Personal liability - Property damages you may have caused or been responsible for, or bodily damage where you are at fault.
Flight cancellations and missed connections - The costs of needing to book additional flights and accommodation for staff.
Loss of deposits - Reimburses deposits on accommodation, flights or conferences if you or your staff member’s trip is cancelled due to accident or illness. staff member’s trip is cancelled due to an accident or illness.
Rental car excess - The excess on a damaged or stolen rental vehicle.
Cost of replacing an employee - The cost of having to employ new staff to replace an employee who is injured or becomes seriously ill during work travel.
Exclusions and the excess you need to pay can vary greatly depending on your insurer However, exclusions may include:
Some pre-existing conditions (your broker can explain these)
Refunds if your travel provider becomes insolvent
Travelling against medical advice
There are other exclusions which your Steadfast insurance broker can outline for you.
Did you know that what is actually covered can vary considerably between insurers? Often with exclusions or high excess payments that you may not be aware of. You need a broker who can assess your individual situation, offer the right insurance and explain precisely what is and isn’t covered.
It's easy to pay too much for insurance, but it's just as easy to pay too little then find out too late that you're not covered. There's a lot of flashy online insurance calculators out there but they focus only on price. Talk to Tudor and you talk to a real person who knows the what level of cover should be recommended and who will personally help you with a claim.
Working for you.