Similar to other insurance plans, travel insurance comes in handy at the time of unexpected circumstances, particularly during international travel.
With the boom of organisations spreading their footprint and expanding their operations over multiple countries across the globe, an increasing number of professionals are travelling abroad on business as part of their weekly working routine. But, the concern of business travellers is typically different from a person travelling on a vacation, as they have different needs during their travels. Business travellers are quite likely to have a hectic trip planned and travel insurance may not be the first thing on their mind. However, no one can deny the fact that while travelling many things have the potential to go wrong.
Protecting Your Employees & Your Business
Employees who travel for work are putting themselves at risk for the sake of business. In general, employers are responsible for their employees while they are travelling and performing work-related activities. Due to this, nowadays, organisations are investing time and money to have efficient business travel insurance policies to safeguard them from unplanned exigencies which may have the potential to disrupt their business. Let’s have a look at the basic and advanced travel insurance policies that cover some or all of the below incidents –
# Trip Cancellation / Delay:
Last-minute changes are standard in this business world. This may happen if any immediate family member gets sick or the employee itself, or in case of terrorist activities or unfavourable weather conditions. Irrespective of the reason one may have to cancel the flight in the nick of time or the airlines may delay their flights. In either of the scenarios, the employer suffers the cost of the flight and consequently the pre-booked accommodation if they’re not protected through the business travel insurance. Also, if there is any delay in your trip, travel insurance plans include coverage for the trip delay by providing a certain amount of money for unexpected hotel, dining and transportation costs. Nonetheless, with different levels of cancellation cover depending on your plan, business travel insurance helps if your trip is cancelled.
# Baggage Loss / Delay:
Business travellers are geniuses when it comes to carry-on packing. There’s no one who can pack a small suitcase better! For good reason. More often than not, the baggage carried by a person travelling for business normally has official laptop, tablet and other assets containing confidential information. And it’s possible to lose the luggage one is carrying due to theft or simply damage to the goods. When it comes to baggage protection, it becomes imperative to be prepared for this situation by being covered under the business travel insurance plan while also keeping the data backed up. Opting for baggage coverage in your travel insurance provides you with the reimbursement if your baggage is irretrievably lost, damaged, stolen or even delayed.
# Medical Emergency:
Medical emergencies can happen on any trip, even those for business purposes. While on an any trip, the possibility of become sick from eating strange food or drinking unsafe water is very high. Generally, the corporate traveller has a medical insurance plan in the home country which sometimes covers overseas insurance. But your domestic health insurance may not be enough to pay for medical expenses in the destination location. A dedicated travel insurance policy which is designed considering the medical expenses in different countries is more suited and a secure option when there are health emergencies in a country where one might be visiting for the first time or a country which is relatively expensive for medical care. For instance, you are travelling to Singapore and you get sick, the average cost you will be paying for a single emergency room visit in Singapore is: ~SGD 300 (Rs 15,000). However, by paying just Rs 45 per day for travel insurance, one can save himself from these big expenses. These travel insurance companies include travel medical protection such as emergency health services and emergency medical evacuation, so one doesn’t have to worry about incurring huge medical bills while abroad.
# Multi Trips Annually
Employees and business travellers who take two or more international trips during the year, even if it is a mix of business and leisure travel, might be better off with an annual travel insurance plan. Multi trip insurance covers for the entire year even if the trip isn’t planned. These plans can be renewed for the subsequent year. This plan is a good deal for those business executives who travel often, as multi trip insurance saves them from having to buy a new policy for each trip.
(By Tarun Mathur, Chief Business Officer-General Insurance, Policybazaar.com)