Business Travel Insurance: Why It’s Essential for Corporate Travellers

Globalisation has made travelling across the world for business meetings, conferences, contract signing, etc., routine. However, trip-related incidents disrupt the trip and also indirectly harm the company's reputation.

Hence, companies must invest in international travel insurance. It brings much-needed relief for the corporate traveller and also prevents unnecessary delays. Let’s find out in detail why business travel insurance is essential.

 What is Business Travel Insurance?

Business travel insurance is travel insurance bought by a company for the travelling employee. It works just like any normal travel insurance and secures the traveller from financial risks due to trip-related incidents, such as accidents, illness, delays, cancellations, document loss, etc.

 Importance of Business Travel Insurance

 Provides Medical Coverage to Employees

Health-related emergencies often arrive without prior notice. However, having travel insurance enables employees to get financial assistance if they fall sick or have an accident in a foreign country. It also enables them to get the best medical care without worrying about the cost.

 Mitigates Travel-Related Risks

Today’s uncertain world is full of pleasant and unpleasant surprises. Travel catastrophes, including flight cancellations, delays, unexpected weather developments, etc., can stall travel plans. But with the help of travel insurance, businesses can get coverage for trip cancellations, flight delays and cancellations, bounced bookings and much more.

 Baggage Coverage

Despite the best efforts from the traveller and the airlines, baggage loss and delays can take place, disrupting the trip. A delay or loss of baggage can leave the travelling employee in dismay as his luggage may contain valuable assets. However, a travel insurance plan covers baggage loss and delay by offering adequate compensation.

 Assistance Services

Many good business travel insurance policies also provide assistance services to an employee who has travelled to a new place for business. One can avail of multiple assistance services, such as medical evacuation, medical assistance, language interpretation, emergency assistance, and so on.

 Third-Party Liability Cover

If a third party suffers any loss or damage due to the insured corporate traveller, the insurance plan will cover that too. Under the travel insurance, the compensation to be paid to the third party is covered under the insurance.

 How to Choose the Right Insurance Plan for Corporate Travel

When looking for corporate travel insurance, some factors need careful consideration, as they can help you get the best out of the lot!

 Premium

The cost or the premium to be paid for travel insurance is the foremost factor to consider. There are multiple policy options that you can consider, offered by several insurers. It is always wise to compare multiple options available and choose the one that is most affordable and comprehensive.

 Policy Coverage

There are innumerable things that can go wrong during a trip. So, it is wise to choose travel insurance with extensive coverage to secure all aspects of your trip. For instance, TATA AIG Travel insurance provides coverage for medical emergencies, trip-related issues, passport and baggage coverage and much more.

 Credibility of Insurance Provider

The credibility of the insurance provider is a major factor to consider. You may want to choose a company with a high reputation, reliability and a history of smooth claim settlement. Good customer assistance is also necessary, along with a high claim settlement ratio. These qualities ensure that your claim is honoured and you receive your fair due.

 Exclusions

An insurance plan does not cover everything from A to Z. The policy will have certain exclusions that you must be aware of. If any of the excluded events occur, you will not be entitled to compensation, and you must bear those charges/losses.

 Who Needs Business Travel Insurance

Business travel insurance is useful for anyone who frequently undertakes business trips. It can be bought for corporate workers, employees, executives, managers of MNC’s, and all those associates who travel for work-related purposes, whether domestically or internationally.

It is a safety net that protects the insured from various unforeseen incidents during the trip and prevents various sorts of hardships that one may have to go through.

 TATA AIG Travel Insurance for Trip Safety

A trip without travel insurance can quickly turn into a nightmare if you face a medical emergency or lose essential documents during the journey. Hence, it is wise to protect yourself and travel with peace of mind by buying TATA AIG Travel Insurance for domestic and international business trips.

They offer several plans, including TATA AIG Travel Insurance - Domestic, TATA AIG Travel Insurance - International Plus, and TATA AIG Travel Insurance – Group International, among others. These plans are apt for business travel as they offer extensive coverage and a high sum insured. The international travel insurance (Titanium Plus) provides coverage of $10,00,000 per traveller.

You also get third-party liability cover, medical and accidental coverage, baggage and passport loss cover, hijack allowance, repatriation cover, hospital daily cash, etc. With good travel insurance, you can focus on the business and travel with ease.