Here we will go over seven things you should know about corporate travel insurance.
If you travel for work often, you know that being on a business trip is just as risky as going on vacation. Anything from losing your luggage to getting into an accident can happen while away, which is why travel insurance exists. But who pays for the insurance, and what does it cover?
Keep reading to find out the answer to these questions and other important things you should know about corporate travel insurance.
1) Who is Responsible For Your Coverage?
Your place of employment is responsible for finding and purchasing your travel insurance. If your company has a travel manager, they will be the employee making insurance decisions, and you can contact them for more specific information.
Before departure, all employees should be given a corporate travel policy to review. You can also find insurance information within these documents.
If your employer does not provide corporate travel insurance you can purchase your own.
There are many insurance companies to choose from, and some car or home insurance providers like progressive can add travel coverage to your policy.
2) Length of Coverage
Your travel insurance kicks in as soon as you make your first reservation, and coverage ends when you arrive back home at the end of your trip.
Since flights and hotels can cancel on you at any time, it is best to purchase your insurance as soon as you start making purchases related to your trip.
Coverage does not exclude leisure activities while away for business. So, if your employer is paying for insurance and you decide to have a leisurely day at the bar or movies while on your trip, any accidents or losses will be covered although not business related.
In other words, you are covered from the very beginning until the very end.
3) Cancellations
Sometimes unforeseen circumstances like adverse weather, overbookings, technical difficulties, and health emergencies can occur, leading to canceled reservations. If your flight, transportation, hotel, or even activities are canceled after they have already been paid for, your insurance will cover the lost expenses.
Additionally, travel insurance takes it a step further by covering any new expenses that occur due to these cancellations. So, if your hotel cancels your reservations because they are overbooked, your insurance will pay for any fees related to the cancellation in addition to the cost of new accommodations.
4) Medical Expenses
Unfortunately, your health does not care that you have work to do while on a corporate trip, and you’re just as susceptible to illness, if not more while traveling.
If you become ill while away and need medical care, your travel insurance will cover the expenses.
Medical coverage also applies to accidents that may occur while on your trip. For example, if you are in a car accident, those medical bills will be covered regardless of fault.
5) Stolen or Damaged Luggage
When traveling for business, you probably have quite a bit of expensive work attire and equipment in your luggage.
Sometimes, airlines and hotels are not as careful with your luggage as you would hope. Having luggage stolen or damaged is more common than you would think, which is why your travel insurance covers the cost of these losses.
However, even if your luggage contains nothing more than cheap t-shirts and hygiene products, the contents of your luggage will still be covered.
The insurance provider will try their best to issue a reimbursement check as soon as possible.
6) Loss of Personal Belongings
If you happen to lose or misplace your personal belongings like a wallet, purse, or cellphone, replacements are still covered by insurance.
Many people are under the assumption that if their items are lost due to their forgetfulness or mistakes, they can’t file a claim. However, this is not true.
Travel insurance is put into place to ensure that you are not hit with financial hardship while in a foreign area. Losing personal belongings can take a significant toll on the outcome of your trip and whether or not you have the means to stay or go home.
7) Evacuations
Before 2020, fewer companies opted into covering their employees’ travel through insurance. Therefore, when the Covid-19 pandemic hit, many travelers were left stranded in foreign countries or states because travel bans quickly went into effect.
The employees with travel insurance had their emergency evacuations covered. Those unable to evacuate had their quarantine expenses like food and accommodations paid.
Evacuation coverage goes into effect any time an emergency arises that requires employees to leave their hotel or go home unexpectedly.
Some examples are threats of violence, pandemics, government shutdowns, and natural disasters.
Conclusion
The risks associated with traveling can be anxiety-inducing. However, with corporate travel insurance in place, you can have some peace of mind in knowing that if an issue arises, you will be covered.
Corporate travel insurance covers the expenses related to medical care, hotel or transportation cancellations, evacuations, lost, stolen, or damaged luggage, and personal items.
Insurance is generally provided by your place of employment. If not, you can purchase your own, and coverage will last from the moment you leave until you return.
