Why does a Business traveler need Travel insurance
Business activities often involve travelling and that too to international locations. But what if the trip goes wrong due to unavoidable circumstances? Your business not only suffers a financial setback, your business trip is also affected hampering the profitability of your business. A medical emergency, personal liability against injuries to a third party, loss of baggage, etc. are some common threats associated with a business travel. A business travel insurance plan helps a business traveler meet with these threats and more.
A business travel insurance policy is a great help in protecting a business travel against unforeseen emergencies. The plan allows the necessary coverage features and is also cheap. Do you know the coverage features available in a business travel plans? Let’s find out:
Medical emergencies might strike anytime when you are out on a business trip. Whether you face a minor medical complication or a major one, you might have to avail treatments in a foreign country. Besides a lack of knowledge of the country and its people, foreign treatments are also very expensive. A business travel insurance policy covers any treatments you avail for emergency medical complications when you are travelling. The plan pays for the expenses incurred in getting medical attention abroad and is thus, very essential.
You might be involved in an accident when you are on a business trip. Such accidents might cause you serious injuries and even result in death. The travel insurance plan also covers such accidental injuries and also death. Moreover, the cost of transporting the dead body back to the home country is also covered under the policy.
Whether you want it or not, there are instances when you end up causing harm or damage to a third party unintentionally. For any bodily injury or property damage caused, you might be held financially liable and would have to face financial compensations. A business travel plan covers such personal liability and pays for any damages caused by you, the business traveler.
If you lose your checked-in baggage or it gets delayed in arriving, any financial complications you face due to such loss or delay is also covered by the travel plan meant for business.
Your passport is essential for your travels and without it you cannot visit foreign countries. In case you lose your passport, a business travel plan pays a compensation to enable you to get a duplicate.
Aren’t these coverage features extensive? Due to these coverage features, a business travel insurance plan is essential for every business travel. Moreover, business travel insurance plans are also designed for suiting business requirements. There are two types of business travel insurance plans -
Single trip plans - these plans cover one specific trip taken by a business traveler
Annual multi trip plans – also called corporate frequent traveler plan, these travel insurance plans come for policy tenure of one year and cover all trips taken during the year. These plans are apt for a business traveler who travels frequently. It cuts down the hassle of buying a travel insurance plan for each trip and is also cheap. In fact, since business trips are made in the last minute, annual multi trip plans are the best solution. The minimum trip duration under these plans should be more than 1 day and the maximum duration is 180 days.
Though a business travel insurance policy is a necessary requirement for every business traveler, here are some points which every traveler should remember.
If you are travelling occasionally, a single trip policy would be more suitable for you. It would cover your trip against unforeseen emergencies.
If you are, however, a very frequent business traveler, annual multi-trip plans would be better for you. The plan would be cheap and also cover your last minute trips.
Annual multi-trip plans charge a premium based on the age of the traveler. There is no premium variation depending on the destination or the duration of each trip. Moreover, there is also a fixed Sum Insured under the plan.
You should maintain complete records of all your trips taken during the year for a multi-trip plan. The insurance company might require you to furnish details about any particular trip and you should be able to do so to make a successful insurance claim.
There are exclusions in the plan which should be kept in mind as claims for these exclusions are not paid. Some common exclusions include medical treatments availed for pre-existing illnesses except in case of life threatening situations, coverage for adventure sports, injuries due to suicide or attempted suicide, alcohol or drug abuse, HIV/AIDS infection, war, etc.
The annual multi-trip policy expires after 180 travel days are exhausted even if the tenure of a year has not expired.
A business travel insurance plan is important and must be a part of all your business travels. Choose a policy based on your requirements and you would not only save on premiums, you can also enjoy the best coverage.