Picking the Right Company Travel Insurance

What would the limit of your company's resources be if you ran into trouble or had a medical emergency while on a business trip?  $10,000?  $30,000?

There's actually a lot more to consider than just medical bills or the cost of rebooking a cancelled flight when it comes to corporate travel insurance.

According to Michael Stein, General Manager, Global Industry Sales with travel insurer Cover-More, corporate travel insurance includes cover you won’t find in personal or leisure travel insurance policies.

“Corporate travel insurance includes cover for the cost of a replacement employee to complete the assignment if the original employee has to return to Australia as a result of injury or illness. It also provides extra-territorial workers’ compensation, which covers a company’s legal liability to pay compensation for personal injury sustained by an employee engaged in work outside their own state in Australia or overseas,” Stein said.

Mr Stein said corporate travel insurance is designed to protect organisations with multiple employees on the move throughout the year.

“Corporate travel insurance is for the unforeseen and unexpected medical emergencies and other incidents that can impact a business, their workforce and bottom line,” he said.

“Employers need a strong product platform to support their duty-of-care obligations to employees and to make international and domestic corporate travel efficient, safe and easy.”

For example, the cover you get through your credit card when you use it to book travel is often quite basic and may not sufficiently support your business in the event of a problem.

Getting the cover versus cost balance right lies in doing some analysis of your travel patterns.

Ask your Travel Manager for advice on a preferred insurer.  From there you can investigate and benchmark your level of cover with the insurer who can recommend a cover level that meets your specific needs.

When you're unlikely to pour over fine print, keep in mind the minimum inclusions for a corporate policy should be unlimited medical, enough luggage cover to protect the assets of the traveller and the business, and personal liability cover of at least $2 million. 

Don't forget to always carry the contact details of your insurer with you, particularly if your company has a centralised travel insurance policy.  Knowing who to call immediately if trouble strikes is a much better option than having to find out the details when you're in a bind, stuck at an overseas airport or in a hospital.

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