What is Corporate Travel Insurance?

When business travel doesn’t go to plan, Corporate Travel Insurance can help to cover out-of-pocket costs to your business and employees.

Why do I need it?

If you or your employees need to travel for work. Corporate Travel Insurance can protect your business from financial loss associated with situations such as overseas health emergencies, flight cancellations or lost and stolen baggage.

Corporate Travel insurance is similar to personal travel insurance. It can cover your business for unanticipated travel costs if specific events happen.

Corporate Travel Insurance also covers your directors and employees, and spouses and dependents travelling with them.

“All travel carries with it inherent risks, even short-term travel to familiar overseas locations for meetings and conferences. Risks from political tensions, civil unrest, fraud, severe weather, natural disasters and security of corporate information exist in countries that are not usually considered dangerous.”Smart Traveller website, 2017

31% of Australians have travelled overseas in the past three years without travel insurance

( DFAT, Survey of Australians’ Travel Insurance Behaviour. August 2016 )

For frequent travellers, annual travel insurance cover is significantly cheaper than taking out cover for one-off trips ( Compare Travel Insurance, Annual Travel Insurance Guide, 2016 )

24% of all travellers experienced a loss on their most recent overseas trip that would be covered by most travel insurance policies ( DFAT, Survey of Australians’ Travel Insurance Behaviour, August 2016 )

What can it cover?

Corporate Travel Insurance vary in the benefits they provide. Scott Winton can help you find the right product to suit your business travel needs. But to give you an idea, here’s the type of cover that your policy may include:

Type of cover Potential Benefits
Overseas medical and evacuation cost The prohibitive costs incurred of covering staff for medical and evacuation costs if they become seriously ill or injured during a business trip
Life & disablement cover Protects your Valued staff if they become disabled or pass away while travelling for business
Lost luggage and personal effects Avoids the expense of replacing business equipment such as laptops as well as employees’ lost or stolen belongings
Flight cancellations and missed connections The cost of needing to book additional flights and accommodation for staff
Rental car excess The excess on a damaged or stolen rental vehicle
Loss of deposits Reimburses deposits on accommodation, flights or conferences if you or your staff member’s trip is cancelled due to accident or illness
Personal Liability Property damages you may have caused or been responsible for, or bodily damage where you are at fault
Cost of replacing an employee The cost of having to send replacement staff for an employee who is injured or becomes seriously ill during work travel