The Best Business Trip Travel Insurance

If you often jet off for work, you know business trips can be a mixed bag of excitement and unexpected hiccups. From lost luggage to sudden illnesses, having the right travel insurance can help ensure you’re prepared for anything. Whether you’re sealing deals in London or attending a conference in Tokyo, a good work travel insurance plan keeps you focused on your goals, not the what-ifs.

In this guide, we’ll explore everything you need to know about business travel insurance policies and provide insight into choosing the best plans for yourself or your employees.

Why You Need Specialised Corporate Travel Insurance

As an employee, having specialised corporate travel insurance is a no-brainer. Many companies offer it as part of their perks, covering you for a range of travel mishaps or inconveniences. Having the right insurance means you’re protected against any surprises that might come your way while you’re on the road, and you can focus on the tasks at hand.

But business travel insurance doesn’t just benefit the employees — it also protects businesses and organisations. So employers, listen up! When you send your team on work trips, good insurance policies reduce risks, cut down on potential headaches, and show your employees that you’ve got their backs, which can boost their loyalty and peace of mind.

What is the Difference Between Business Travel Insurance and Standard Travel Insurance?

Business travel insurance has all the basics you’d find in standard travel insurance, like medical cover, trip cancellations, and lost luggage protection. In general, most standard travel insurance policies provide basic protection on work trips.

Here’s the difference: business travel insurance includes coverage for work-related items, like expensive business equipment and merchandise samples you might be bringing with you. Plus, if you need to cut your trip short or cancel it altogether, some corporate travel insurance plans can even pay to send out a replacement colleague.

Essentially, you can think of corporate travel insurance plans as upgraded versions of standard travel insurance policies catered to anyone travelling for work. This specialised coverage ensures that both you and your business are fully protected, no matter what happens during your trip.

What Corporate Travel Insurance Policies Cover

Corporate travel insurance plans cover a wide range of scenarios. Some are straightforward and easy to understand, while others are more complex. Here's an overview of some of the main things these work travel policies cover and what they mean.

• Business money and equipment: This includes protection against damage, loss, or theft of business items such as laptops and sometimes sports equipment, as well as exhibition stands or office supplies. If your business equipment is delayed or misdirected during transit, some corporate travel insurance policies will reimburse you for the cost of hiring replacement equipment necessary for your meetings or presentations. Coverage may also include lost or stolen business money, cheques, prepaid electronic money cards, and non-refundable pre-booked events and entertainment tickets.
• Business samples and merchandise: This may cover products you’re taking to conferences, meetings, or trade shows. Corporate travel insurance plans may provide reimbursement in the event of damage, loss, or theft of your business merchandise.
• Cancellations: If business events get cancelled, you can get reimbursed for flights and accommodation, allowing you to reschedule your work trip without financial loss.
• Bringing a replacement: In the event that you’re unable to continue your trip, some business travel insurance policies will cover the cost of sending a colleague to take your place. The insurance can cover expenses such as new flight tickets and hotel bookings for your replacement. This ensures that your business commitments are still met, even if you can’t be there in person, minimising disruption to your work.
• Medical expenses: This typically includes coverage for hospital treatment if you fall ill during your trip. If you need medical evacuation or repatriation due to a severe illness or injury, some corporate travel insurance will also arrange and pay for your safe return. This can include specialised medical transport or assistance from medical professionals during your journey. 
• Money and travel documents: Most business travel insurance policies provide protection against the loss or theft of cash up to a specified amount, as well as reimbursement for replacing lost or stolen travel documents such as your passport. Imagine being in a foreign country and losing your passport – the costs and hassle of getting a replacement can be significant. With this coverage, you can quickly get the necessary documents without worrying about the extra expense, ensuring you can continue your trip smoothly.
• Legal fees: If you get involved in an accident, certain business travel insurance policies may provide coverage for the legal cost to defend you or pursue a claim. This can be incredibly important if you’re in a situation where you need legal representation, whether you’re at fault or not. The coverage can help pay for legal advice, court fees, and other related expenses, ensuring that you’re not left to handle these potentially significant costs on your own.

Knowing what your business travel insurance plan covers is only half the battle won. It’s equally important to know the cover limits and exclusions of your plan, as this will help you understand the extent of your protection and avoid any unexpected surprises.

Additionally, if you’re planning to participate in any high-risk activities during your business trip, you might be able to add them to your travel insurance plan for an extra fee. If they’re not already included, you might want to consider getting extra protection such as water sports travel insurance, hiking travel insurance or even diving travel insurance, depending on the activity.

How To Choose The Most Suitable Corporate Travel Insurance Plans For Your Employee

With so many policies available, it's easy to feel overwhelmed about which one to choose. But fret not; here are the 4 key factors to help you decide:

1. The destination: The destination of the business trip plays a significant role in the cost and coverage of the insurance policy. This is because some regions or countries are considered higher risk due to factors like political instability, higher crime rates, or the prevalence of certain diseases. For instance, travelling to countries with higher medical costs or where natural disasters are common can increase the policy price. This is why it’s important to choose a policy that covers the specific risks associated with the destination your employee will be visiting.
2. The duration of the trip: The length of the trip also affects the cost of the business travel insurance policy. Generally, the longer the trip, the more expensive the insurance will be. This is because extended stays increase the likelihood of encountering issues like illness, accidents, or loss of belongings. Make sure to plan accordingly and select a policy that provides adequate coverage for the entire duration of the trip, including any potential delays.
3. Trip activities: If your employees plan to engage in high-risk activities during their trip, such as adventure sports or working in hazardous environments, you’ll need to consider this when choosing a policy. Standard business travel insurance might not cover these activities, so it’s crucial to check the policy details and include additional coverage.
4. The employee’s age: The age of your employees is another important factor. Older employees are generally seen as higher risk by insurers because they may be more likely to need medical attention while travelling. This can affect the overall cost and the type of coverage required. 

Common Exclusions and Limitations for Business Trip Travel Insurance Plans

Business travel insurance covers a lot, but like all other insurance plans, there are limitations. It’s equally important to know what your plan doesn’t cover so you can avoid unpleasant surprises. Here are some common exclusions you should be aware of:

• Alcohol and drugs: Business travel insurance providers generally exclude coverage for any incidents that happen while the insured is under the influence of alcohol or drugs because intoxication increases the risk of accidents and mishaps. Hence, it's crucial for employees to understand that responsible behaviour is expected to maintain coverage.
• Illegal activities: Claims arising from illegal activities are highly unlikely to be covered by your insurer. If an incident occurs while the insured is engaging in illegal acts, such as theft, fraud, or any other criminal behaviour, the insurance company will not cover any related costs.
• Travelling against Foreign Commonwealth and Development Office (FCDO) advice: Insurers exclude certain dangerous destinations that the FCDO advises against visiting.
• High-risk activities: Work travel insurance policies often exclude adventurous activities like scuba diving or competitive cycling. However, some activities may be covered for an additional cost.
• Undeclared medical conditions: Health issues which are not disclosed to the insurer may not be covered. If an employee has a pre-existing medical condition that they failed to declare when taking out the business travel insurance policy, any related medical expenses incurred during the trip may not be covered. 
• Personal possessions: While business equipment might be covered, the personal belongings of employees might not be. Hence, it’s crucial to check the policy details and consider additional cover if needed.
• Unattended items: The insured employee is expected to take good care of business property, so if business items are lost or stolen while left unattended, the claim will most likely be denied.

Knowing these exclusions helps ensure you have the right coverage and understand the limits of your corporate travel insurance policy. That’s why we recommend checking the fine print and asking questions if anything is unclear.

Frequently Asked Questions About Corporate Travel Insurance

Are there any restrictions on the duration of coverage under corporate travel insurance for long-term assignments?

Yes, there can be restrictions on the duration of coverage for long-term assignments under corporate travel insurance plans. Most insurance policies are designed for short-term business trips and may have a maximum coverage period. This is often around 30 to 90 days per trip.

Therefore, if you’re planning a longer assignment, it’s essential to check with your insurer to ensure you have the right coverage. Some insurers offer extended coverage or specialised policies for long-term assignments, so it’s worth discussing your specific needs with them.

Does corporate travel insurance cover trip cancellations or interruptions due to business-related decisions or external factors like political unrest?

In general, most corporate travel insurance policies will cover cancellations due to external factors like political unrest or natural disasters. However, this also depends on the details of the policy itself. 

Additionally, cancellations or interruptions due to business-related decisions, such as changing meeting dates or cancelling a project, might not be covered. That’s why we recommend checking your policy details or speaking with your insurer to understand what’s included and what isn’t, so you’re not caught off guard.

Is business equipment, such as laptops or mobile phones, covered under business travel insurance plans?

Yes, business equipment like laptops or mobile phones is often covered under business travel insurance since these policies are designed to protect the essential tools you need for work while travelling. Work travel insurance coverage typically includes damage, loss, or theft of these items.

However, the level of coverage can vary, so it’s important to review your policy details. Some policies might have limits on the amount they’ll pay out or specific conditions you need to meet to be eligible for a claim.

Are employees covered under corporate travel insurance for personal travel deviations during a business trip?

Coverage for personal travel deviations during a business trip varies between policies. Some corporate travel insurance plans might cover personal side trips, but often with limitations. For example, personal travel might be covered only if it’s within a certain number of days before or after the business portion of the trip. In these cases, it’s best to check your policy’s terms and conditions or talk to your insurer to understand what’s covered. If personal travel isn’t included, you might need to arrange separate coverage.