There are plenty of risks to be had at home, let alone the strife which can occur when you’re overseas. Unrest and issues can come from many different sources from lost baggage, rental vehicle accidents, sickness to airline delays through natural disasters
The right corporate travel insurance is an up front investment (around $700) at renewal time, but it provides comprehensive cover for an entire year’s worth of trips. Compare that to the $300-$400 a lot of people spend for one-off trips booked close to the departure date with little room for flexibility, and in some cases inferior cover.
So, here’s what’s inside a good corporate travel insurance policy:
- It will cover pre-existing medical conditions
- It will cover both business and private travel
- It will cover both the business employees, directors and family along with anyone authorised by the business to travel.
- Your policy should be annual, covering an entire year
- Full cover of many adverse events should be in the policy, meaning you’re covered for excess buy-back on rental car insurance, lost baggage, kidnap, ransom, terrorism and medical issues (don’t forget hospital costs can leap to six figures if you get sick in the United States or Europe),
- Certain insurers even offer cover in the event of terrorism acts using biological, chemical and nuclear weapons and also for all other forms of terrorism.
“I once had a client who was asked to do some work on a large yacht, which had a breakdown in the Pacific Islands” Northland insurance broker Gareth Wallace says. “The company had corporate travel insurance which covered their own staff travelling to the job. However it also extended to cover two external specialist contractors who were travelling with team. It was an excellent benefit for the client who could extend their own travel insurance policy to cover contractors”.
Helping customers to find the right insurance policies and assist them understand the cover provided is what my job is all about. Balance Insurance Advisors matches good insurance with good people so please give Gareth a ring on (09) 283 9439 or 022 0663114 when you’re ready for help.