Find Out if Corporate Travel is Worth it for your SME

Three policy options

There are three types of travel policies to consider:

1. You can opt for general travel insurance, which offers options for wider coverage, such as for adventure activities. It’s a one-off policy, but you can invest in annual multi-trip cover if travelling frequently. Adds ons are possible, so you can customise coverage to the needs of your trip. Generally, you’ll be covered for medical expenses, trip cancellations, lost luggage, and other common travel mishaps.
2. Meanwhile, business travel insurance policies work as annual multi-trip ongoing cover for individual business travellers. It can also cover spouses and minors. You’ll need to have a separate policy per individual/family, which is renewable annually.
   Business travel insurance could cover events specific to a business trip (in Australia or overseas). These might include alternative employee expenses, frequent flyer points, and corporate image protection. Benefits could include coverage for medical expenses, costs of emergency or missed transportation due to unforeseen circumstances, and even compensate for rental vehicle excess charges. You can also add cover if your employee does some incidental leisure travel, too.
3. Lastly, a corporate travel insurance policy provides a ‘set-and-forget’ approach to cover your staff on authorised domestic or overseas business travel. Such a policy can cover directors, senior managers, their spouses, dependent children, plus other designated employees. Opting for this type of policy gives consistent cover for all your staff, but you can also tailor the plan.

Claim examples

An Australian business traveller was injured in head-on car accident in a US national park. They needed more than four weeks in hospital there, nudging the cost to $570,000, which their corporate travel insurance covered.

At the end of a business trip to Germany, an Australian’s bag went missing from their hotel. Since the bag was never found, they were able to claim $5,500 on their insurance for the loss.

A would-be business traveller had to cancel their trip due to their partner’s stroke-like episode. Even though they were only going to travel within Australia, the insured was able to claim $20,000 to cover the cancellation costs.

What to look for in a travel insurance package for business travellers

We can guide you in weighing up the pros and cons of policies. Here’s a guide of the key criteria, apart from those mentioned above:

If travel is part of your business, talk to us, as your broker/adviser, to ensure your protected. We’ll be here to help, too, when it comes time to claim.

Article Supplied by OneAffiniti