As the owner of a small business travelling frequently is a mandatory requirement to build up a company. But when travelling internationally, there are often numerous risks which can get in the way of a successful business.
Whether it is for business purposes or travelling with collaborators to a retreat for an off-site, with business travel insurance, it is possible to mitigate the financial implications of dozens of risks and travel with your collaborators and collegues with confidence and peace of mind. But how does it all work and how does travel insurance coverage extend to business travellers? Keep reading to find out.
What is business travel insurance?
Business travel insurance is a specialised type of travel insurance specifally designed for business travellers to travel the world freely without having to worry about various risks when travelling. These include trip delay or cancellation, lost checked-in baggage, missing business critical equipment, and also dozens of other medical and non-medical risks.
One of the primary benefits of availing travel insurance for businesses is to secure several individuals with a single plan as well as benefit from the cheaper premium compared to having to purchase an individual policy for each member. This makes the process a lot more efficient and convenient, enabling travellers to pay attention to their business requirements and the trip.
How does it differ from international travel insurance?
A business travel insurance as the name suggests is specially designed for business travellers and thus there are several differences to expect between an international travel insurance and one specialised for businesses. These differences can be primarily witnessed when looking at the scope and extent of coverage, number of individuals to be covered, cost of the policy, and also the covenience of getting and utilising the policy.
Scope and extent of coverage
Compared to an individual policy, a business insurance covers individuals for several trips and offers coverage for dozens of medical and non-medical risks and can also be customised to a certain extent depending on the insurer.
Number of individuals
While most traditional insurance policies cover up to 20 individuals in a single policy, group policies can be customised and offer coverage for a larger group in the policy.
Cost of premium
The cost of premium for travel insurance coverage typically varies between the specific insurer and plan opted for. But one thing to note is that group policies are typically cheaper when comparing the price to per individual.
Convenience
The convenience of securing all travellers in a single policy is unmatched and thus makes a lot of sense for most corporate travellers and those planning the trip.
What is a part of travel insurance coverage for business travellers?
While group policies can typically be customised to a particular extent, enabling companies to mix and match to create the best policy for their needs, this can be achieved partly by having certain base coverages and certain exclusions which will never be covered. Here is a list of some of the key coverages to consider for your insurance:
Trip delay, interruption and cancellation
Lost checked-in baggage
Emergency trip extension
Personal liability coverage
Emergency in-patient medical treatment
Medical evacuation
Personal accident
Missed connection
Repatriation of mortal remains
In addition coverages, it is also key to know common exclusions and communicate the same with the travellers to ensure precaution and prevention of getting caught up in such risks. Here is a list of some of the major exclusions to keep in mind:
Pre-existing diseases
Mental or emotional disorder
Medical tourism
Taking part in war
Adventure sports
Where to get the best international travel insurance for business travellers?
If you are looking to get the best travel insurance for your business trip look for a leading and reputable insurance provider like Niva Bupa who offers comprehensive coverage for a competitive price as opposed to the cheapest or the most expensive option. By visiting their website and going through several plans, it is possible to choose and get the best policy for your specific needs.
Conclusion
As a business in its growth stage, money is not quite as important as the people involved in achieving your business goals. Whether it is during an aggressive business stage going from meeting to meeting and travelling or for relaxation with those precious employees, getting the right business travel insurance from a leading insurer like Niva Bupa helps secure yourself and those critical to your business.
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