When a particular employee is out on a corporate trip, the expenses are always borne by the employer. Even if the employee lands up in trouble, it is the employer who has to take care of all the costs associated with it. Most companies buy foreign travel insurance to reduce their liabilities towards employees. Companies can opt for customised travel insurance plans based on the individual requirement. There are various travel insurance plans available for minor and major situations. The best part about corporate travel policy is that you don't need to buy individual policies for each and every employee. This also helps reduce the probable losses to the company.
Important Things about Corporate Travel Insurance
Just like a regular foreign travel insurance policy takes care of sudden medical ailments/injuries and financial problems of a traveller; a corporate travel insurance policy covers the employee and protects against unforeseen threats. A business trip could turn into a horrific experience if an employee meets with an accident or faces troubles like loss of baggage. A company has to bear all the expenses of the employee thereafter. The best way to avoid such losses is to protect an employee with corporate travel insurance. Buying corporate policy puts an end to such troubles.
Reasons why you need corporate travel insurance –
If an employee loses a check-in baggage while in transit or there is delay while receiving the baggage, the corporate foreign travel policy covers the employee against the costs associated with it.
If an employee loses his/her life or faces permanent disability, the corporate policy takes care of it. A lump-sum amount is reimbursed in such events. The corporate policy covers medical costs/transporting the deceased body back to the home town/country.
If there is a specific dental treatment which an employee needs during the trip, the corporate policy reimburses a certain pre-specified amount.
If important documents like passport or driving licenses are lost in transit, the corporate policy reimburses a certain amount required for applying for the documents.
Amidst an injury or a medical emergency, the corporate travel policy also provides a sufficient financial aid to the employee in case of financial crisis.
Corporate policy covers costs related to incidents like hijack situation, cancellation of a trip, trip getting delayed or for shortening the trip.
Each and every corporate foreign travel insurance policy does not cover each and every point mentioned above. There is a policy called personal accident cover offered by most companies which covers the employee right from the time when he/she leaves on a trip till the time the employee reaches back home.
One must check what all things are covered in the corporate insurance policy.