Corporate Travel Insurance
Make sure your checklist of things to do before taking off
on another business trip outside the United States includes
buying corporate travel insurance. While it is not a legal
necessity to take out travel insurance for corporate travel,
it is highly advisable to do so because you will then remain
fully protected just in case things go wrong during your trip.
You might be well covered with life, accident and medical
insurance when at home, but most of these policies will not
protect you when you step outside the U.S. So if you have
a job that requires you to take overseas trips, corporate travel insurance is a must for you.
Travel insurance can be bought from airlines, travel companies
and insurance firms. A comprehensive travel insurance policy
offers you the widest coverage. While the policies of any
two travel insurance providers might not be exactly the same,
most would offer medical cover including emergency evacuation,
repatriation, trip cancellation/interruption, accidental death/dismemberment
and lost baggage. All such policies have a limit to which
the insurer would be willing to reimburse you. That is why
you need to find out exactly how much the reimbursement would
be in each case before buying the policy.
Medical coverage is essential during foreign travel. Even
if you do not take out a comprehensive travel insurance policy,
invest in a separate medical insurance policy that over cover
you while you are away from home. Always remember to check
with the insurer if the medical cover includes repatriation
to your home country if need be.
The trip cancellation/interruption provision entitles you
to reimbursement of the non-refundable expenditure on the
trip. Some also offer coverage for any disruptions of travel
schedules. In case the policyholder dies during the overseas
trip, the repatriation coverage takes care of expenses incurred
on preparing and sending the body back to the home country.
The repatriation/evacuation provision can also come in handy
in case of political turmoil in the host country.
With barriers to world trade and business crumbling fast,
corporate travel is booming. Business travelers are crisscrossing
the globe like never before. That’s why it makes sense
for a corporate traveler to invest in insurance because one
never knows when or where illness, crime or accident might
strike. If you need the assistance of a corporate travel management
firm, visit www.thetravelteam.com
Back
|
