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How Much Travel Insurance is Enough?

Having a team member go on an overseas business trip can be risky––your employee can find himself or herself facing an emergency, dealing with a sudden cancellation, or paying for medical expenses out of his or her own pocket. If you’re considering getting Business Travel insurance to protect your team and company, you are one step ahead in managing the many risks tied to travelling. What kind of Business Travel insurance policy should you get and how much coverage is enough? This depends on how often your employees travel each year, the location and destinations of their travel and how long their travel duration is on average.

Single-Trip Policies

If employees are not frequent travellers, then a single-trip travel insurance policy might be worth considering. This policy is often tied to a single trip and coverage is provided for that specific trip. Given it is a single-trip policy, then the individual cost per trip for insurance may be higher. So it is worth considering the number of trips an employee is likely to make in a given year. Usually, a single-trip travel insurance policy may cover missed and delayed departures, lost personal belongings, and medical and legal expenses are some of the losses a single-trip policy covers.

Annual Multi-Trip Policies

Annual Multi-trip policies provide insurance coverage for multiple trips whilst the coverage is held. Multi-trip policies are for companies whose business operations and growth may rely heavily on business travel. Multi-trip policies may also cover travels of long durations, providing coverage for extended periods of time ranging from 30 to 90 days. As you may have gotten from its name, Annual Multi-Trip policies may cover all your employees’ business trips throughout the year, which can save you some money when comparing the individual cost per trip costs in the long run compared to getting multiple single-trip plans. 

Similar to single-trip policies, annual multi-trip policies may cover the basics such as lost personal possessions, personal liability, and medical and legal expenses. There are also plans that help pay for alternative transportation and rental car expenses.

Other Business Travel Insurance Options

  • Domestic Travel Insurance - caters to companies that send employees on domestic trips
  • Group Travel Insurance - suitable option for employers who send staff members in groups on work trips or have the same number of employees travel for business purposes each year

Questions to Ask When Getting Business Travel Insurance

Finding out how often your employees go on business trips each year, how many of them travel for work, and how long their trips usually last is important in determining how much Business Travel insurance is enough for you and your business. You could consider making the process easier by asking the following questions:

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

Purchase up to six products under one Business Insurance Package. 

Finding out how often your employees go on business trips each year, how many of them travel for work, and how long their trips usually last is important in determining how much Business Travel insurance is enough for you and your business. You could consider making the process easier by asking the following questions:

  1. Do I need coverage for overseas or domestic travel or both?
  2. How many of my employees travel for work each year?
  3. Will I need add-ons such as kidnapping coverage, bail bond costs, and 24-hour assistance?
  4. Will my employees need to be protected 24 hours a day on trips?

Consulting and working with insurance professionals during the decision-making process will ensure that you have enough coverage in place. Start protecting your employees and business, and reach out to a broker on Advisr today.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.


ADVISR, ABN 17 613 588 266

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