Corporate Travel Insurance – what you need to know.


By Paul Rattray

Let’s say you’re running a business and that from time-to-time, you as the owner, other company directors and perhaps also key employees need to travel for work purposes.

Maybe there’s a conference a two-hour drive away. Perhaps there’s a need to meet with potential suppliers overseas.

It’s a no-brainer then, that in these circumstances you need corporate travel insurance.

And one single policy can cover all of the trips you nominate in any insurance period.

It really is as simple as that. You don’t even need to have concrete travel plans in order to take out a policy, you just need to give an accurate estimate of the number of times people within the business are likely to need to travel throughout the insurance period (typically 12 months).

And like all insurance, you hope you’ll never need it, but it just makes life easier if you do. The greatest benefit is that you don’t have to nominate individuals. And you don’t have to log every single trip.

You just need to renew your insurance cover every year, and advise your insurer if your actual travel is set to exceed the estimated travel nominated at the start of your policy period, because this is the number your premium is calculated upon.

Corporate travel insurance can also cover your spouse (if they’re also attending an inter-state awards night) or a board member who drives long-distance to attend monthly meetings.

You can insure any type of travel – plane, train and automobile – and what’s more, having the right policy in place means your staff can get emergency help if they need it (this can be invaluable in a foreign country) and you can relax, knowing the cover is in place for you or your staff. Typically, your policy will cover:

  • Overseas medical expenses
  • Lost baggage and personal items
  • Travel disruption costs
  • 24 hour emergency assistance
  • Personal injury (and sickness)
  • Natural disaster evacuation
  • Rental vehicle excess cover
  • Personal liability during travel

There are some things that travel insurance won’t cover, so be sure to read the fine print. Most policies are pretty comprehensive, but shop around, and get professional advice to make sure you get a policy that is right for your needs.