Corporate Travel Insurance Demystified

The employers usually send their employees on a corporate trip to conduct one-on-one meetings with their clients. Important business activities such as cracking deals, gathering information, educating a huge crowd about a specific product, increasing the number of investors, etc. could be done better when the representative is physically present. Virtually presenting the same could be a little challenging. The company values the employees who are capable of excelling in these tasks.
An employee might face several issues while traveling for business in a foreign country. There is one logical and financial solution if you want the travel risk to be reduced which is purchasing a travel insurance plan. Today, you will find many types of travel insurance policies in the market. There are a few who even offer corporate travel insurance to cover business trips.
Let us now see what is commonly covered under corporate travel insurance:
- Loss of luggage
Your luggage has to be one the most important things that you carry on business trips, as it has your laptops or even smart phones that have all the vital information stored such as contracts, presentations, etc. In case you end up losing this bag, it can prove to be disastrous to you and ruin the entire purpose of your travel. In this situation, your travel insurance company will provide financial coverage against the loss of your baggage.
- Evacuation
In case you get caught in situations like a breakout of an epidemic, political unrest, or any other kind of medical emergency, and need to be evacuated, the travel insurance company will bear the cost. Note that, if the emergency was already present before you stepped in that particular foreign land, it won’t be covered under the international travel insurance plan. Therefore, you must know what you’re getting into and be well informed beforehand about the current situation of the place that you will be visiting.
- Losing documents
When you travel, taking your ID proofs like passport, visa, etc. along are important and need to be taken care of. In case you lose them, it will become difficult for you to be able to move freely in a foreign country. In case anything like this happens, contact your insurance provider in India and inform them about the same. They must then somehow manage to arrange for a duplicate passport and might also cover all the expenses related to it.
- Covers medical emergencies
You cannot predict accidents and injuries, and they can occur during your business trip as well. Therefore, these are taken care of by the travel insurance companies. If you require money for hospitalization to avail of treatment for a specific condition that takes place while you’re traveling, you can still make a claim.
- Cancellation of trip
The most important business trip of yours might get canceled at the last moment, due to any reason. A trip cancelation cover takes care of situations like these. The hotel you would stay in and transport arrangements are sometimes made in advance and are an important part of the trip. If the reason for your trip getting canceled is genuine enough, your insurer may bear a part of the expenses for the trip.
How to buy Travel Insurance?
There are many general insurance plans such as motor insurance, extended warranty electronics insurance and more available in the market. You can purchase one in two ways, either the traditional offline method or the modern online one. The first method has become quite old and expects you to visit the branch of the insurance company personally. Whereas the online method is more convenient and you can select whichever travel insurance policy you want within minutes, without wasting any time.