International business Travel Insurance
Also known as corporate insurance, business travel insurance protects a company’s investments in its employees’ overseas travel. These investments include plane tickets, hotel and vehicle reservations, tangible assets and the employees themselves.
Corporate travel is expensive, and many things can go wrong. Flights may be canceled, objects may be stolen, or diseases may be contracted. Travel insurance protects a company’s bottom line if these or other unfortunate things happen.
How Does Travel Insurance Work?
Businesses either purchase travel insurance per trip or pay for annual coverage. Companies with officers and employees who frequently travel overseas often purchase annual insurance. If any unfortunate event happens while traveling, the policyholder fills out a report and sends it to the insurance company. The insurance company then reimburses the policyholder for the expenses incurred while traveling.
Who Needs Business Travel Insurance?
Any business sending an employee to a foreign country should at least look into buying travel insurance. One never knows what issues might arise. However, for businesses with a strong international presence, travel insurance is definitely necessary. Any business looking to break into international markets should also strongly consider purchasing a business travel policy.
This is especially true if travel takes place in rugged or third-world countries. Plane cancellations, weather events, double bookings at hotels, theft of company valuables or diseases caused by food poisoning are all very real issues for business travelers. At the very least, business travelers should compare and contrast insurance plans to find an affordable, effective coverage policy.
Common Benefits and Features of Business Travel Insurance
Business travel insurance policies encompass a variety of different benefits and features. Some of these come standard while others require a more comprehensive plan. You can compare the plans offered by dozens of different insurance policy providers to determine which one offers the best benefits at the most reasonable price. Our comparison tool makes it easy to enter your information and get results from major business travel insurance providers around the world.