Business travel insurance protects employees from a variety of risks. Trip cancellation, medical expenses, evacuation, and luggage/personal loss are the main coverage categories. This coverage usually lasts from the first day of travel until the employee returns to work.
Why Business travel insurance?
Business travellers must visit remote locations. This, along with pandemic instability, has complicated business travel risks. Travel managers are increasingly using business travel insurance assistance services.
Business travel insurance from India can cover evacuation, medical emergencies, travel inconveniences and arrangements, pre-travel and cultural advice, and 24/7 multilingual assistance. Insurance companies have standalone apps that give employees real-time safety and security tips. While business travel insurance raises the cost of each trip, it reduces the overall financial losses. Business travel insurance can reduce several issues that could become significant company expenses.
What does the Business travel insurance cover?
Business travel insurance comes in bundles or individually. Main coverage categories include:
Rescue
Business travellers may encounter natural disasters, pandemics, riots, or terrorist attacks. Business travel disruptions often leave your employees in unfamiliar places with unfamiliar customs and possibly significant language barriers, which can complicate everything from daily navigation to emergency responses. In such cases, insurance can help evacuate and repatriate employees immediately.
No-show
Weather and operational issues often cause flight cancellations and delays. Medical emergencies may force employees to cancel trips. Business travel insurance can cover trip cancellations and rebooking within a specific timeframe. Hotel stays and other expenses can also be covered by the insurance policy.
Accident and illness
Business travellers risk illness, food poisoning, and allergies. Business travel can also trigger flare-ups in chronic conditions declared before the trip. Many business travel health insurance policies cover unexpected medical expenses. It also can cover unexpected medical issues. Airline and road traffic accidents are the biggest risks and are usually covered by insurance. The insurance policy pays a lump sum and covers transportation home if an employee passes away or becomes permanently disabled while travelling.
Larceny
Business travellers use high-end electronics to track their work while on the go. This could attract pickpockets. If lost or stolen, these devices could be covered by the insurance policy and easily replaced. Most policies may cover lost check-in baggage and essential documents like passports and licences. If an employee loses their check-in baggage in transit, the policy can cover the goods inside. Coverage pays to reapply for lost documents. Theft and loss travel insurance benefits can cover lost, stolen, or damaged items throughout the trip, not just at the airport.
Consider these factors when choosing an insurance policy:
Travel insurance types – Domestic and international business travel insurance is further divided into single-trip and multi-trip insurance:
Single-trip insurance: covers one trip from start to finish – A single-trip insurance policy is enough if your company only travels occasionally.
Multi-trip insurance: covers all trips within a quarter, six months, or year, with an approximate limit of 31 days per trip – If you buy an annual multi-trip policy, the insurance provider will ask you to list the countries your employees will visit because different countries require different levels of coverage.
Cost
An insurance policy’s cost depends on the number of employees travelling, where they’re going, how long they’ll be gone, and even what they’ll do. If your company is frugal with travel insurance, you can choose only what’s most important. *
Compare policy coverage
Compare domestic insurance and insurance for travel abroad, reimbursement amounts, and the number of employees a group insurance policy can cover. Note each policy’s benefit amount and maximum benefit. Finally, compare policy time limits.
Takeaway
Most insurance companies can meet the general needs of business travellers, but choosing the right policy can be tricky. Start by comparing insurance plans online based on the factors we listed above.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions,
limitations, terms, and conditions, please read the sales brochure/policy wording carefully
before concluding a sale.
Source: https://www.zoho.com/finance/essential-business-guides/expense/business-travel-insurance.html
