What is Corporate Travel Insurance?

What is Corporate Travel Insurance?

If you undertake any travel as part of your business, whether domestically or internationally, a Corporate Travel Insurance is worth its weight in gold. Even the best laid travel plans can go astray – add into the mix the complexities of business travel arrangements and making sure your employees are looked after if the worst happens, and a Corporate Travel policy is essential.

Similar to a personal travel insurance policy that covers your medical costs overseas, repatriation, cancellations and lost luggage amongst other things, a Corporate Travel Policy provides a higher level of protection and includes cover for company executives, to employees and sub-contractors, as well as family of the business executives.

You can even include leisure travel for nominated persons, including family members, so it really is a one-stop-shop policy.

Why is a Corporate Travel policy different to a personal policy?

A Corporate Travel Policy is taken on an annual basis and the premium based on an average number of trips and number persons travelling. It then covers all travel in that policy period, for all Insured Persons (i.e. Directors, employees, contractors, and nominated family etc). You don’t need to take out a new policy each time someone travels, saving you time and money.

A Corporate Travel Policy also has higher sub-limits of cover on things like luggage, valuables and portable electronics, rental vehicle excess cover, personal liability cover, and includes covers for events like kidnap and ransom, and personal accident and illness cover amongst other high-level policy features.

And the million dollar question – does it cover Covid-19?

There are a couple of aspects to this question;

Travel Insurance is covering you for unforeseen or unknown events. Policies taken out before Covid-19 became a known event (and was subsequently declared an epidemic and then a pandemic) were in the majority of cases (subject to their individual policy terms and conditions) covered for medical expenses and cancellations etc.

However policies taken out after Covid-19 was a known event, are unlikely to cover medical costs or cancellations etc.  Some policies are now starting to include specific Covid-19 exclusions in addition to the pandemic exclusions that apply to many policies as standard.

It is highly unlikely we will see a Travel Insurance policy any time soon that will cover anything to do with Covid-19.

So is there any point in getting insurance if I can’t cover Covid-19?

Absolutely! All the reasons you used to get Travel Insurance are still applicable, even if Covid-19 isn’t covered. Corporate Travel Insurance doesn’t have to cost an arm and a leg, but the cost of not having it is far greater.

In the wake of this incredibly disruptive and deadly pandemic, we can assume it will take time to get “back to normal”. Once we’re able to get back out into the world, it’s best to work with a broker to navigate the different policies around, especially in light of the changes to this type of insurance since Covid-19.

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