Here we will go over five reasons you should get corporate travel insurance.
Traveling for business purposes does not exclude your team from being at risk. Your employees may get sick, their belongings may be stolen, and their reservations may be canceled. Corporate travel insurance ensures that any unexpected situation is covered and your employees remain safe.
Keep reading to learn more about why corporate travel insurance is essential for you and your team.
1) In Case Of Medical Emergencies
Medical situations like catching a virus, spraining an ankle, or getting in an accident are more common than you would hope during business travel. Medical care is especially common for individuals taking long plane rides since the flight can result in ear aches and muscle pain.
Unfortunately, if you are injured or become ill on a business trip, you might have a hard time getting medical coverage. If you are lucky, your typical medical insurance may cover a trip to the emergency room; however, that is about it.
Medications, doctor visits, follow-ups, and additional care will most likely not be covered since you are out of their network. With corporate travel insurance all medical expenses are covered no matter how large or small.
2) Medical Evacuations are Expensive
Normal medical expenses take a toll on your pocket, but they are nothing compared to medical evacuations.
A medical evacuation, also known as a medivac, is an emergency transportation (generally through air or ambulance) that provides en-route medical assistance to an individual that needs treatment at a hospital.
Medical evacuation may be required if a person is severely injured in an accident or is being transported from a rural hospital to one that is more medically equipped to handle a patient’s needs.
Depending on where you are located, a medical evacuation can cost around $10,000 in the states, and up to $200,000 overseas. Luckily, with travel insurance, you don’t have to worry about who is paying that bill because your policy will cover every penny.
3) Because Booking Cancellations are Common
If you travel often, you may be familiar with what happens when a hotel is overbooked or adverse weather comes up. In these situations, your reservations are canceled and you are left scrambling to get a new room or flight.
When you run into one of these scenarios, your entire trip is put in jeopardy. A corporate trip meticulously follows a strict schedule, and cancellations put the integrity of the entire trip at risk.
Luckily, travel insurance will cover the expenses of:
- Booking a new hotel room promptly.
- Lodging expenses related to delayed flights or transportation.
- Meal expenses that accrue during these delays.
- The cost of original bookings that were not refunded.
Additionally, your travel insurance will even cover the expenses if your entire trip is canceled before the original departure.
4) To Reimburse Your Lost or Stolen Items
A shocking statistic is that 5.69 bags per 1,000 passengers are mishandled, lost, stolen, or damaged while at the airport.
If you are traveling for business, your luggage is probably worth quite a bit of money. Your bags may include electronics, expensive work attire, or even important documents. Having your luggage lost or damaged could affect your ability to complete any work while away.
Unfortunately, having your belongings stolen in the city while traveling is also common. Pickpockets and thieves have no problem admitting that tourists are their favorite targets. Tourists are normally distracted and don’t know how to get help quickly when pickpocketed.
If you fall victim to thievery, damaged luggage, or your own forgetfulness that causes you to lose something, your travel insurance will cover the expenses.
5) It Provides Peace Of Mind
The most essential reason to cover your business trip is for peace of mind.
With corporate travel insurance, you and your employees never have to question what to do when travel goes wrong because the solution is just a phone call away.
It is only natural for employees to become riddled with stress when far from home because they are confused and vulnerable. However, when your team knows they are being protected while traveling, they can conduct business anxiety-free.
If your company does not currently have corporate travel insurance, you should consider it because peace of mind is truly priceless.