All That You Need To Know About Corporate Travel Insurance

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:

1. 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.
2. If you lose your luggage during travel, your insurance will protect you. It also covers any delay in receiving your baggage.
3. 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.
4. 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.
5. 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.
6. Costs related to travel cancellation, delay, hijacking, or shortening of your trip are also usually covered by business travel insurance.

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.

Corporate Travel Insurance Inclusions

Now, let's explore what is covered in travel insurance. While the specific coverage may vary depending on the policy and provider, there are some common areas typically included in travel insurance plans.

Medical Expenses

One of the most vital aspects of travel insurance coverage is medical expenses. It ensures that employees are protected in case of injury or illness while travelling for business purposes. This coverage includes hospitalisation, emergency medical treatments, and medical evacuation if required. Claims are subject to terms and conditions set forth under travel insurance policy. *

Trip Cancellations or Interruption

Travel insurance often covers trip cancellations or interruptions due to unforeseen circumstances such as natural disasters, political unrest, or medical emergencies. If a trip needs to be cancelled or cut short due to these reasons, the insurance can provide reimbursement for non-refundable expenses, including flights, accommodation, and pre-booked activities. Claims are subject to terms and conditions set forth under travel insurance policy. *

Lost Baggage

Lost baggage coverage ensures that employees are compensated for lost, damaged, or stolen belongings during their business trips. This coverage provides peace of mind and financial protection, especially when valuable equipment or important documents are involved. Claims are subject to terms and conditions set forth under travel insurance policy. *

Emergency Assistance

Emergency assistance is an essential feature of travel insurance. It offers round-the-clock support and guidance to employees in distress while travelling. Whether it's arranging medical evacuation, coordinating with local authorities, or providing language interpretation services, emergency assistance ensures that employees have access to the necessary help when they need it most. Claims are subject to terms and conditions set forth under travel insurance policy.*

Adventure Sports

This may not be an exclusion that is exclusive to corporate travel plans. There may be several types of travel insurance variants that do not offer coverage for adventure sports such as rock climbing, mountain biking, skiing, trekking, and more. Claims are subject to terms and conditions set forth under travel insurance policy.*

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:

1. Additional coverage for pre-existing conditions like asthma, diabetes, hypertension, or cardiac problems is excluded from the plan.
2. Travelling to countries under the high-risk category due to war, terrorism, or natural calamities.
3. 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, skydiving, mountaineering, etc.

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.

Medical Expense Travel Insurance for Frequent Business Trips

Medical expenses incurred due to illness or injuries during overseas travel are covered under company travel insurance. If emergency medical care is needed and you must be evacuated to India, the cost will be covered. Additionally, emergency dental pain relief is also included up to the insured amount. This coverage ensures that business travellers receive necessary medical attention without financial burden.

Where to Find the Best Business Travel Insurance Plans for Business Travellers

Choosing the right insurance plan can be challenging. One of the top providers is Bajaj Allianz General Insurance Company’s Corporate Travel Insurance, which offers extensive coverage:

1. Personal Accident: Coverage for injuries or death due to accidents.
2. Medical Expenses and Medical Evacuation: Includes emergency medical care and evacuation costs.
3. Emergency Dental Pain Relief: Covers dental pain treatment costs.
4. Repatriation: Covers the cost of returning the insured to their home country.
5. Loss of Checked-in Baggage: Compensation for lost luggage.
6. Accidental Death and Disability (Common Carrier): Covers death or disability during public transport.
7. Loss of Passport: Reimbursement for costs incurred due to passport loss.
8. Personal Liability: Covers legal liabilities due to third-party damages.
9. Hijack Cover: Compensation in the event of a hijacking.
10. Trip Delay and Cancellation: Reimbursement for delays and cancellations.
11. Hospitalisation Daily Allowance: Daily allowance during hospitalisation.
12. Home Burglary Insurance: Covers burglary at home while travelling.
13. Emergency Cash Benefit: Provides cash in emergencies.
14. Golfers Hole-in-one: Unique coverage for golfers.

What are the Limitations of an Annual Travel Insurance Plan for Business?

While annual travel insurance plans offer extensive coverage, they have certain limitations:

1. Pre-existing Diseases: Typically not covered.
2. Medical Expenses Beyond Policy Expiry: Coverage ends with policy expiry.
3. Experimental Treatments: Not covered.
4. Baggage Delay in India: Not covered.
5. Passport Loss Due to Negligence: Not covered.
6. Non-modern Medicine Treatments: Not covered.
7. Confiscated Passports: Not covered.
8. Unreported Losses: Must report to authorities within 24 hours.
9. Policy Expiry: Coverage ends when the policy expires.

How to Choose the Best Travel Insurance Plan?

Selecting the right travel insurance plan requires careful consideration:

1. Coverage Needs: Evaluate specific needs such as medical, evacuation, baggage, and personal liability coverage.
2. Provider Reputation: Choose the best travel insurance company such as Bajaj Allianz General Insurance Company with positive customer reviews.
3. Policy Exclusions: Understand the exclusions to avoid surprises.
4. Cost: Compare premiums to find a plan that fits your budget.
5. Claim Process: Ensure the provider has a straightforward and efficient claim process.

FAQs

What does corporate travel insurance cover?

Corporate insurance typically covers medical expenses, evacuation, trip cancellation, lost check-in baggage, personal travel accidents, and liability, ensuring comprehensive protection for business travellers.

What is the cost of corporate insurance?

The cost varies based on coverage limits, trip duration, and specific needs. Are there specific policies or procedures I need to follow to claim travel insurance for a business trip? Yes, typically you need to provide documentation such as medical reports, police reports (for theft), and proof of travel. Each insurer has specific claim procedures outlined in their policy documents.

What is the most common type of travel insurance?

The most common type is single-trip travel insurance, covering one specific trip. However, for frequent business travellers, annual multi-trip policies are also popular.

How to choose the right corporate travel insurance for a business trip?

Consider factors such as the nature of your business travel, destinations, and required coverage types.   *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.