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Why is Business Travel Insurance Important?

Nov 21, 2022
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Australians spent more than $100 billion on domestic day and overnight trips in 2019. Your business contributed to this volume of travel if your team travel on interstate trips. Whether you run a small business or a multinational corporation, protecting your team members also means safeguarding your business because there is no denying that if not for them, your company would not be in operation. Protecting your employees is one of the many reasons Business Travel insurance is something you should consider investing in.

What does Business Travel Insurance cover?

Business Travel insurance, which comes in individual and group policies, provides financial assistance in case your employee’s baggage gets lost or stolen during a trip. Business Travel Insurance may also reimburse the flight and accommodation expenses that you would have otherwise shouldered in the event of flight cancellations.

In addition to the basics, there are Business Travel insurance policies that cover rental car expenses, loss of deposits reimbursements, and personal liability. You can also provide your employees with medical care in case they obtain injuries or illnesses on a business trip through this insurance plan. Some providers offer 24/7 emergency support, ensuring that your staff members have access to assistance anytime, anywhere.

Other Business Travel insurance plans may reimburse search and rescue costs and cover the international travel expenses of executives’ and directors’ family members.

What do you need to consider when looking for Business Travel insurance policies?

With numerous options available, you might find choosing a Business Travel insurance coverage confusing. Here are some of the important factors to take into account when selecting a plan:

The maximum number of covered employees - The total number of employees who can be protected under a single insurance policy may be subject to a cap. Larger organisations that need a lot of staff to travel each year may find this challenging.

Adequate cancellation coverage - This is necessary because there are so many variables at play when a business traveller makes last-minute adjustments to their itinerary. The organisation may frequently incur financial losses for pre-paid expenses as a result of this. These costs could include travel, lodging, or excursions. Finding a policy that would offer an acceptable cancellation benefit is therefore essential for both individual business travellers and organisations wishing to provide coverage for a large number of employees.

Medical costs - One of the most important features of a Business Travel insurance policy is coverage for international medical costs. Anyone considering business travel insurance should be aware of the support available through their insurance policy in case the insured needs to be evacuated in an emergency or is hospitalised abroad.

Management Liability Insurance

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.

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Business Insurance

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.

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Business Package

Purchase up to six products under one Business Insurance Package.

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Medical costs - One of the most important features of a Business Travel insurance policy is coverage for international medical costs. Anyone considering business travel insurance should be aware of the support available through their insurance policy in case the insured needs to be evacuated in an emergency or is hospitalised abroad.

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Getting Business Travel insurance can be a smart way to protect both your business and your employees from unforeseeable circumstances especially if the overseas trips your team members make are vital to your company’s growth. Find an insurance broker on Advisr today to help you select a plan and assist you in the process of safeguarding your employees.

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.

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