Business travels are a part of some professions, where individuals have to interact directly with clients and manage a workforce. However, business travel may turn into unexpected chaos in case of any unforeseen scenario like a delay in the flight, loss of documents, or any other situation that leads to loss of time and finances. The ideal thing to do to protect yourself from such unforeseen scenarios would be to take corporate travel insurance.
What is corporate travel insurance?
Corporate travel insurance is for people who travel for business purposes. The travel may include domestic and/or international travel. Most corporate organisations prefer to buy travel insurance to protect their travelling employees. Depending on the needs of the corporations, they can either buy international travel
insurance or domestic travel insurance in India
. Most travel insurance plans allow customisation based on the requirements of the company.
Having corporate travel insurance ensures protection against unforeseen expenses that may arise in the future. Unexpected expenses include accidents, medical emergencies, loss of baggage, or other incidents that may occur while travelling. *
Who needs corporate travel insurance?
If you or your employer are wondering whether your work requires you to have corporate insurance, the pointers mentioned below help provide further clarity:
- Corporate travel insurance helps if you lose any essential documents while travelling. The usual documents included are your passport or any other proof of identity. Having travel insurance helps in reimbursement of the expenditure incurred in applying for the new documents.
- If you lose your luggage during travel, your insurance will protect you. It also covers any delay in receiving your baggage.
- If a person loses their life or becomes permanently disabled due to an accident, the travel insurance provides coverage for the expenses associated with the accident. The coverage usually includes medical expenditure along with the reimbursement of travelling expenses of the individual to their hometown or country.
- When you are travelling, an emergency dental treatment may be required. If you have corporate travel insurance, it may help in the reimbursement of dental expenses.
- Having a corporate travel plan also helps with any financial expenses that incur if you have a medical emergency or suffer from any medical emergency abroad.
- Costs related to travel cancellation, delay, hijacking, or shortening of your trip are also usually covered by business travel insurance.
* Standard T&C Apply
Your corporate insurance must have sufficient coverage to get the required reimbursement. You can use a travel insurance premium calculator
to find the premium you need to pay for your travel needs.
Is corporate travel insurance available for domestic travel?
In India, several travel insurance policies generally offer domestic travel insurance. For your corporate travel as well, you can choose a domestic travel insurance plan. You can either go for a single-trip journey or opt for multiple coverages. It is best to compare travel insurance plans and ensure that you choose the one that meets your required needs.
What are the exclusions of corporate travel insurance plans?
Knowing the inclusions and exclusions of your corporate travel insurance plan is vital. The exclusions of most travel insurance plans are:
- Additional coverage for pre-existing conditions like asthma, diabetes, hypertension, or cardiac problems is excluded from the plan.
- Travelling to countries under the high-risk category due to war, terrorism, or natural calamities.
- Participating in activities that increase your risk factor is not included in the plan. These include adventure sports like fast biking, scuba diving, sea sports, sky diving, mountaineering, etc.
* Standard T&C Apply
You can choose add-on riders along with your basic cover for the additional coverage you need. You have to pay an additional premium for the extra coverage that you have selected.
Is there an eligibility norm for being covered under corporate travel insurance?
Two things need to be checked while providing corporate travel insurance. First is that the person applying is a citizen of India and 18 years or above. The other would be that the individual is a corporate employee.
A corporate travel plan allows an employee of any company to travel without worry. The employee is insured for possible circumstances that may arise during the travel. A company can financially protect itself and its employees with corporate travel insurance during business travels. Ensure that you compare travel insurance
plans and choose the one that meets all your key requirements.
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.