For businesses, there are considerations beyond the simple well-being of employees travelling abroad! They have to think about the safety of company equipments and money as well. Travel insurance coverage involving business needs is becoming a rage these days, with the operations of multinational companies increasing. Those working for various corporate houses and multinational companies have to travel overseas on a frequent basis and hence come the need for appropriate coverage.
Here is what most insurance companies cover under business travel insurance.
• These can be separate policies altogether or a part of big covers such as those involving winter sport or golf cover.
• It may cover single or multi trip foreign travel insurance situations based on the frequency of travelling.
• There may be a basic cover involving specific aspects of business travel, such as insurance for equipments. So compare policies and make choices for buy travel insurance policy.
• Work equipment cover is a standard in most, business travel policies and there is a maximum limit related to individual items and never the actual price.
• Cover for stolen or misplaced company amounts is another part of business Travel insurance coverage.
• Cover for hiring equipments because of their delayed arrivals is another part of such insurance policy. It works in tandem with misplaced or stolen company equipments. It is however not applicable for forgotten items which you did not bring with you.
• Emergency courier costs cover expenses related to emergency courier of different equipments from the company to a foreign location. It also works for documents and covers damage, loss, or theft.
• Replacement personnel cover is another important part of the business travel policy. This is a part of health travel insurance.
• Having an illness or accident and foreign location may prove to be detrimental, especially if you have special responsibilities. This cover can fly in your replacement colleague for saving the day.
• Hospitalization or serious illness is a pre-requisite for replacement personnel to cover. Simply feeling unwell will not do.
• Enhanced cover for personal accidents is a standard part of business, health travel insurance in most cases. Generally, you can get double the amounts than any other regular policy. However, it is desirable to check this aspect before opting for one.
• Cover for working abroad is similar to going there temporarily for business. This may even be in the form of supporting themselves when on a foreign trip. It is frequently seen with backpackers who may stay at a place for close to a year or even more.
• There is cover available for voluntary work, or even manual labor, provided it is light in nature. Your policy may restrict you to working with handheld equipment at a ground level.
• Such foreign travel insurance is advantageous in situations where you have to work in remote or dangerous settings during your stay overseas.
Business travel insurance may be your ideal friend in need at foreign locations provided you do your homework and choose wisely!