What is corporate travel insurance?
The corporate travel insurance field is filled with blurred lingo and firms veiled behind numerous names. How do you figure out which insurers are at the top of their game? The upsurge of the sharing economy grants a fresh challenge to corporate executives. Travelling for marketing and international conferences is inevitable. Everybody wants to be the best in the field, everyone wants to get whatever business done to perfection, and everybody wants to return home unscathed. Some thinks that corporate travel insurance is not mandatory as there is no money at risk anyway. And all the expenses are usually taken care of by the company you are representing mostly.
In some situation, Travel Insurance Purchase Can be skipped:
For a brief tour:
If it is just a matter of going to a city, attending conference and returning on the same or next day with hardly any expense, then travel insurance can be skipped. This is only advisable if you already have a health insurance that will take care of the essentials (such as emergency medical repatriation, hospitalization etc.).
Non-insurable components in the trip:
If your business trip entails constituents that are not indemnified by any insurance carriers, then too it is not worth to buy a travel plan (if you already have a health cover). For instance, if you are putting up at a buddy or relative’s place, travelling with a discounted flight coupon you probably won’t get much cover anyway.
Having a pre-determined medical problem:
If you are already diagnosed with any recurring medical condition such as asthma, high or low blood pressure, most insurance companies wouldn’t sell cover for it. Or you may have to but it for additional premium, but only if specifications such as an OK from your doctor saying that it can be controlled are met.
Do you think a particular cover is redundant?
For example, if your credit card or the insurance given by the corporate you work at offer the same indemnification, then please do not bother with buying another. Of course it may not include medical repatriation, so you will have to buy one anyway.
Corporate Travel Insurance Inclusions:
A medical emergency situation caused due to an accident or illness while travelling for a business purpose.
If the insured needs to be evacuated immediately.
Repatriation of mortal remains
If a minor has to be returned to his/ her home country.
In case the whole trip is cancelled or interrupted due to no fault of yours.
Benefits for accidental demise, injury or disability (temporary or permanent) caused due to it.
International funeral expenditures.
If you lose or damage your luggage, personal belongings or essential travel papers.
In case the baggage is delayed for more than 12 hours after checking-in, then essential
items such as toiletries, clothes etc. will be replaced.
Being robbed of important possessions.
If you miss your connection flight due to goof up of schedules.
If your trip is delayed owing to bad weather.
Normally, the insurance providers offer cover against pregnancy related expenditures, if the trip happens within the first three months. But the same may not be offered for the second and the third trimester and can vary accordingly.
What is ostensibly omitted or optional in Most Corporate Travel Insurance Plans?
Almost all travel insurance firms offer aforementioned basic covers but you can get customized riders on extra premium. You are expected to buy the following extra covers if necessary.
Pre-existing conditions (like cardiac problems, hypertension, asthma, diabetes)Partaking in any adventurous sports with some amount of risk associated with it (like fast biking, sea sports, mountaineering etc.)
Travelling to nations listed as high-risk (due to terrorist activities, war, natural calamities etc.)
Severe onset of any pre-existing illness even after the doctor assured that it will be in control.
Travel Insurance for Corporate Executives in India - Exclusions, limitations, restrictions:
As pointed out before, there are insurance carriers that simply do not offer cover for a previous health condition in any domain abroad.
In case you are already suffering from a condition preceding your departure (like Asthma) and are already diagnosed with it, your insurer will refuse to alleviate any related medical bill incurred overseas.
If you are declared perfectly fit to voyage after getting an OK from the doctor that the condition is under control, then you do have the right to get expenses due to any sudden medical emergency reimbursed.
Your thrill-seeking nature can gift you with a wealth of experience and tales. But insurance firms generally do not look kindly on it. Taking part in heavy-risky activities and extreme sports such as bike stunts, skydiving, aqua sports and more are certainly out of the list unless you are willing to pay additional premium for it.
You know a war is going on in the place or it is rife with political unrest. Most insurance firms will flatly refuse covers for any kind of harm or injury because you chose to go to an imperiled war zone.
Every policy comes with a specific period attached to it. If the incident due to which you are making a claim happened in the said time frame, there is nothing to fear. Else it is claim rejection. Also, prices of policies vary according to the tenure you select.
Suicide, attempt to suicide or self-inflicted injuries – Insurance companies show no mercy if there is slightest evidence towards any or more of these three when cross checking a customer’s claim. No matter what kind of insurance or where you buy it from, these reasons are solid exclusions.
For some, a trip overseas is unimaginable without some doze of intoxication. How heavy that intoxication is and what trouble you are likely to get into while in that state is the question here. Drunk driving, getting into a spot of fix with the law etc. in such a state will never be covered by any policy let alone a Corporate Travel Insurance.
Most Corporate Travel Insurance offer the following ‘Assistance Services’:
- Travel Medical Assistance:
A host of services obtainable for emergency medical requirements, including replacement or refilling of medicines, doctors referrals, medical repatriation and more.
- Global Travel Assistance:
Assistance with almost every travel emergency or request for general travel information, including lost, robbed or delayed luggage; substituting lost passport or other essential travel papers; urgent fund transactions; pre-trip travel guidance; immunization info; and more.
- Concierge Assistance:
Whatever you require no matter where or when, , whenever, wherever you need it, you can call on your own personal assistant to help. Services include tee time reservations, restaurant referrals and reservations, wireless device assistance, sporting or theater tickets, and more.
- Identity Theft:
If your identity is appropriated (cards, certificates etc.) during your business tour, one of the partner travel counselors of your insurance firm will help you emergency travel counselors will assist in getting in touch with your credit card issuers, monitoring your credit statements and doing everything possible to help you reinstate all the cards.
- Corporate Assistant:
You'll also have access to an array of services to help make short work of your business obligations, so you can enjoy your vacation.
- Personal Security Assistance:
Assistance is delivered to help ensure your safety as well as your personal details while on the move. Services entail deportation assistance, exigent message heads-up and online security web info.
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