Corporate travel cover – is it worth it?

For those whose job entails a lot of foreign travel, corporate or business travel insurance can be a worthwhile insurance product. Not only could this tailored insurance option save you and your company money, its cover is likely to meet more of your specific business needs than a standard travel insurance package. This page asks - why choose corporate travel cover over a regular travel insurance policy?

Staff replacement cover

A feature truly unique to this type of insurance product covers the cost of having a colleague flown out to attend an important meeting, presentation or conference in your stead should you be unable to attend yourself due to illness or injury.

You will have to provide proof that your illness or injury was serious enough to prevent your attendance however. Certain corporate travel insurance also covers you if it's a close relative that falls ill or is seriously injured, and you subsequently have to miss your important appointment.

Keep an eye on the exact amount of cover that your policy will pay out as some policies will pay for cheap flights only, whereas others will go the whole hog and pay for accommodation, basic food and transport costs on top of flights.

With this cover you need to check exactly how much will be paid out to you in such an event, as often this is a standard flat rate regardless of the distance required for your stand-in to travel and take your place. So basically, you'll be paid the same amount whether your replacement will have to travel to Stockholm or Japan, so the amount paid out may not cover the entire cost.

Delayed business equipment

Another cost often incurred by business travellers is that of hiring replacement equipment at their destination if any of their original business equipment is stolen or goes missing. Business travel insurance covers these hire costs. An added bonus not found in your standard travel insurance policy is that you will also be covered for equipment that has been lost or delayed in transit.

Personal accident cover

Personal accident cover is something that tends to come as standard with business travel insurance policies. By opting to take out an extra corporate travel package on top of a standard travel insurance policy, many insurers will reward you with around twice the cover you can expect from a regular travel insurance policy, so you'll get more for your money.

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