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Insurance Article

Corporate Travel Insurance – What's Covered, What's Not

October 16 2017
Corporate Travel Insurance

If you are a frequent flyer, you already know that there is nothing predictable about travel. Lost baggage, delayed flights, illness, weather disasters, there is just no saying what could knock you off a schedule that you have planned down to the last minute. When it comes to business travel, even the smallest of inconveniences could end up costing you or your business significantly!

Luckily, there is a simple solution to address this serious need – Corporate Travel Insurance.

Who needs Corporate Travel Insurance?

  • Startups and small businesses – When you are just starting out, or running a tight shop with a few employees, finances are a daily struggle. Every wasted rupee adds up significantly.
  • Senior Executives – Whether you are a partner or a senior executive at a firm, your business dealings have a direct monetary impact on your organisation's bottom-line.
  • Individuals - If you have a travelling job that requires frequent business meetings across varied locations, random schedule changes tend to have a cascading business impact.

Whether you're just starting off, or a seasoned traveller, insurance in every such scenario will help you offset considerable financial losses in the long run.

What is covered?

While the list below is by no means exhaustive, covering yourself in these areas is suggested for effective risk management:

  • Transportation/Evacuation in case of a medical emergency – While this will not cover your medical expenses, it will take care of medically required transportation costs. For example, air evacuation, medical escorts, oxygen cylinders in transit, etc. will be covered.
  • Delay in baggage arrival – This includes any costs incurred by you for essentials required while the airline locates and returns your delayed baggage to you.
  • Trip Cancellation – If your trip is cancelled due to sudden and unavoidable reasons like bad weather, an illness or injury, loss of passport, criminal acts, bankruptcy, etc., you can recover your pre-paid expenses.
  • Trip Delay – This will cover costs for hotel stay, dining, and transportation required due to a delay in your travel for reasons like flight delays, bad weather, lost documents, strikes, etc.
  • Lost baggage – If your baggage is lost or stolen, this coverage can offset your financial losses to a large extent. Any expensive equipment that you are carrying is also covered here.
  • Medical coverage – This will cover any emergency medical expenses that you could incur during travel, including helping you to locate facilities that can assist you.
  • Miscellaneous expenses – Expenses like renting of equipment, courier services, etc., may be covered in certain policies.

What is not covered?

  • Older travellers – As with all insurance coverage, age is a significant factor in securing Corporate Travel Insurance, too. Travellers above a certain age may not receive coverage at all, or they may find their coverage restrictive.
  • Long-drawn schedules – Most travel insurance policies are only valid for a short, stipulated period of time. These policies are not generally meant for long trips, and people who are purchasing annual policies need to make sure they pay attention to the fine print in this regard.
  • Certain cancellations - If your trip is cancelled or shortened due to work-related issues like cancelled leave, or changes in organisational priorities, these may not be covered by your policy.

Unlike vehicular insurance, corporate travel insurance is not at all mandatory for your business travel, but it is important. Ensuring you have a suitable policy in place before you board your next flight will definitely save you some heartburn later on in life.

Related Article:

Why you Need Forex Cards for your Next International Trip
Are Both International Travel Insurance and Overseas Health Insurance Necessary?

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