Travel Insurance for Corporate Travelers
You might wonder why you need separate travel insurance for your business trip when you already have a health insurance plan or a workers compensation plan. The reason is that these plans will not provide the immediate assistance that may be required by a corporate traveller. When you go for a business trip, there are too many things that go on in mind- your flight and the business-class fare, travel booking, safety of business related equipment and so on. A corporate travel insurance policy can take some of the stress out of your mind and help concentrate and execute your business in a better way. A Business or Corporate Travel insurance provides an all-inclusive insurance package that cover medical and health expenses, trip cancellation or interruption charges and so on.
What does Corporate Travel Plans mostly offer?
Any Corporate s Travel plan offers a plethora of benefits to business travellers during their trips abroad for official purposes. Some of the common coverage across all the available business travel plans is:
- Medical and Hospitalization Coverage: This includes the medical expenses and hospitalization charges for accident or illness. It also includes medical evacuation if required. Some plans even offer a Hospitalization Daily Allowance for frequent corporate travellers.
- Lost Baggage Coverage: Covers the total and complete loss of checked baggage by an international airline. Also the cost of urgent purchase of replacement items due to delay in the arrival of checked baggage is covered.
- Personal Accident Coverage: Covers any loss due to death and permanent disability while on a business trip.
- Lost Passport Coverage: Covers the necessary and justified costs for obtaining a duplicate passport or valid travel papers.
- Hijack or Sabotage Coverage: I case an insured traveller is detained in a flight that has been hijacked, the insurance company will pay the scheduled sum of money for each 24 hours period the insured is detained by hijackers.
- Coverage for Flight Delay: If the flight on which you are scheduled to travel is delayed beyond 12 hours from the scheduled departure time, the insurer pays the sum insured in the policy.
- World-wide Assistance Coverage: Offers a 24 hour world-wide assistance.
What does Corporate Travel Plans do not cover?
- Overseas travel for medical treatment
- Interruption in the trip due to war, seizure, arrest or detainment, damage caused by any public or governmental local authority, sabotage or any other acts of terrorism with exception of hijack.
- Involvement into any kind of criminal activity, alcohol or drug abuse, participation in illegal activities or attempted suicide is not covered under such plans.
- Loss incurred due to participation in defense activities in the event of a war.
- HIV/AIDs and its associated health issues.
How to get a good corporate travel insurance plan?
Though very limited number of insurance companies offer business travel insurance in India, yet it is always wise to compare the travel insurance plans available through an insurance aggregator before buying it. Buying the corporate travel insurance plan online is always the best option as insurance companies often give attractive discounts and additional benefits when policies are purchased online.