What is it?
Corporate Travel Insurance covers expenses for medical treatment, emergency medical evacuation, flight cancellations or lost luggage for your Employees or Directors who travel overseas or within Australia on business. Some insurers offer cover for acts of terrorism and war.
A Corporate Travel policy is specifically designed to protect companies from many kinds of business travel expenses without many of the usual restrictions and exclusions placed on regular travel policies. This allows you to have confidence in their personal safety and security when travelling.
What does it cover?
Most insurers will provide cover on a broad basis. Look for the following in the cover:
- Personal Accident & Sickness
- Medical Expenses
- Additional Expenses including Curtailment
- Repatriation of Mortal Remains or funeral expenses
- Missed Transport Connection Expenses
- Baggage, Money, Travel Documents; including cover for Keys & Locks and delayed baggage
- Kidnap, Ransom, Detention & Extortion
- Alternative Employee Expenses
- Hire Car Excess
- Extra Territorial Workers Compensation
- Personal Liability
- 24 hour emergency assistance through an Assist Group that provides Security and Emergency Management such as:
- Emergency medical assistance
- Medical evacuations to first world care every year.
- Services such as replacing a lost passport, to providing interpreters to retrieval of a deceased person and their transportation back to Australia.
- Availablity 24 hours a day, 365 days a year.
- Loss of Deposits and cancellation such as from financial collapse or insolvency of an entity such as an airline hotel chain, travel agent or tour company
- Death by sickness – lump sum being paid out on similar to Life insurance
- Overseas leisure travel of insured company director’s and their accompanying spouse and dependant children are automatically included
- Overseas medical expenses related to pre-existing conditions
- Ongoing medical expenses cover up to 24 months after the event, even after the Insured Person has returned to Australia
- Cover for events resulting from terrorist attacks
- Worldwide War Cover but most include exclusion areas which can be included at an additional cost
Why do you need it?
You have a duty to look after your employees and Directors who travel regularly interstate and overseas. Legally you may be vicariously liable anyway. They take time away from friends and family sometimes at great risk. Their personal health and safety, as well as their own personal belongings are at risk. They will perform their work better and represent your company much better knowing that they would be looked after in an emergency travel situation.
Who can help?
An Insurance Broker can find the right Insurer for you with the most appropriate policy wording. An insurance broker’s role is to act as your representative and work in your interests, seeking the best cover at the best price for you with their skill, market knowledge and experience. Call a good one.
Call CPR –Experts who will save you
Kidnap & Ransom Insurance – What is it?
Claims Examples of Corporate Travel
Check with Smart Traveller before you go