Corporate Travel Insurance Australia
As globalisation progresses, the world of business is becoming more and more integrated. Today, it is easier than ever to do business with companies from all over the world in a wide range of different industries. As a result, the amount of work-related travel has increased drastically. Although travelling far and wide for work can be a dynamic and stimulating experience, it comes with various different risks. Hence, it’s for this reason that Australian businesses need to take travel insurance for their employees seriously.
Cover For Business Owners And Staff Travelling Interstate And Overseas
Corporate travel insurance is cover that is able to protect employees, often including their dependents, from a wide range of different risks that can occur through travel. The great thing about this type of cover is that it is often inclusive of both interstate and overseas travel. Many Australians often find themselves travelling between major hub cities within the country such as Sydney, Melbourne, and Brisbane as well as travelling to overseas hubs such as Hong Kong and New York.
Business owners that understand that the well-being and safety of their employees is the top priority in ensuring their company grows and expands should seriously consider taking out corporate travel cover that encompasses all of the different potential risks employees may face.
What Can Corporate Travel Insurance Cover?
Corporate travel insurance has many similar characteristics as regular travel insurance that is utilised for personal vacations and trips. As many know, there are lots of different customisation options that come with this type of insurance. However, there are a few aspects that are almost always included in these travel insurance packages.
Virtually all corporate travel cover will include health expenses that may be incurred. The health systems of countries outside of Australia can range drastically, meaning that without being covered, the risk for financially ruinous medical fees is very real. Falling ill or facing injury overseas is a risk that is always faced when travelling, hence being able to have peace of mind that any sort of health problems that may occur will be covered immediately by insurance is a critical component of this type of cover.
Many business trips will involve having to bring luggage that contains expensive items and equipment. For this reason, many corporate travel insurance policies will include clauses that will provide reimbursement of losses regarding luggage that may have been damaged or lost during travels. Lots of policies these days provide very generous reimbursements of up to a few thousand dollars for each person covered regarding lost or damaged luggage.
Most popular policies go the extra mile when it comes to cover, providing cover for highly unlikely situations such as kidnap, extortion, and ransom. Although the likelihood of such incidences occurring are minimal when compared to possible health problems, knowing that even worst-case scenarios are covered will provide great peace of mind for all employees involved in interstate and overseas travel.
What Is Usually Not Covered Under A Corporate Travel Insurance Policy?
Although a huge range of different scenarios is covered by corporate travel cover, there are a few situations which are almost always not covered. These situations usually fall under some form of neglect by the employee that the insurance policy was meant to cover. In general, travel policies will only cover situations which are outside of the control of those that are covered, such as health and luggage issues.
Travelling against medical advice, then facing medical problems afterwards is often not covered by corporate travel cover. Many times, insurance providers will investigate whether or not there was any form of medical advice given to a person making a claim urging them to refrain from travelling. In the case that a person has a condition that is serious enough to warrant a strict warning against travel, then any injuries or illnesses that occur by neglecting such advice is not covered.
A specific situation which is rarely covered by this type of travel policy is reimbursement in the case that the travel provider becomes insolvent. Although tremendously rare, it is possible that a travel provider such as an airline becomes insolvent after tickets have been purchased. In cases such as these, it is often incumbent on the airline itself to provide refunds, not the insurance provider. Because of this, there is rarely a provision within these policies to refund lost costs due to the bankruptcy of a travel provider used for corporate trips.
Why You Should Get Corporate Travel Insurance Today
Corporate travel cover is an absolutely essential component to modern business trips. Small to large businesses can benefit tremendously from taking out such cover. Not only do such policies ensure peace of mind and wellbeing for all of their employees, but it also protects against devastating financial consequences that may arise from lawsuits and other fees that often occur when unexpected circumstances occur through work-related travel.
If you’re a business owner that is yet to take out this type of cover, be sure to call us today for an in-depth consultation regarding your options. We will be able to provide you with the most concise and pertinent advice regarding what policies and options are right for you and your employees. Give us a call today for an obligation free quote!
