Corporate Travel Insurance

Corporate Travel Insurance

The Travel requirements of business owners will be different from one business owner to the next.

Some owners will travel for business perhaps once or twice a year or they may travel on that long overdue personal family holiday whilst other businesses may have a sales team travelling interstate and overseas on a regular basis.

Historically, through travel agencies you may have been encouraged to apply for Travel Insurance and more recently you may have preferred to purchase such cover via online websites. These avenues may be great for those single travel destinations but they are not necessary the best option in terms of cover or costs where you tend to have 2 or more travel journeys in any year.

Corporate Travel Insurance is the answer. Corporate Travel Insurance is generally a broader type of travel insurance cover that covers the director(s) of a registered business entity, for both business and leisure travel as well as the staff of the business on business travel during the period of insurance.

Premiums for such covers are based on an estimate of the number of interstate and overseas trips provided by the customer at the beginning of the policy. The policy usually is an annual cover and premiums may start from as low as $550.

However, whilst the cost of cover is important, what really is more important here is the level of cover provided by these types of policies.

Under some of the Corporate Travel Insurance policies available, the level of cover may be much broader than your standard single travel insurance cover, below are some examples,

  1. Travel cover may be available to persons up to 85 years old,
  2. Medical expenses may be covered for up to 2 years after your journey ends,
  3. Cover may be extended for events resulting from terrorist attacks,
  4. Kidnap and ransom automatic cover provided,
  5. Pre-existing medical conditions are covered where the person is fit to travel and is not travelling to obtain medical assistance.

What type of cover does Corporate Travel Insurance provide?

Some of the main covers here include:

  • Medical, evacuation and additional expense
  • Cancellation and loss of deposits
  • Personal liability
  • Personal accident
  • Accidental death and disablement
  • Weekly Injury
  • Fractured bones
  • Dental
  • Surgery
  • Kidnap and extortion
  • Political and natural disaster evacuation
  • Alternative employee benefits
  • Hire car excess, and return of hire car benefits (No need to buy down the hire car excess)
  • Missed transport connection
  • Luggage and personal effects and money
  • Hijack and detainment

Example of claims

The following demonstrate how Corporate Travel Insurance may assist.

Claim Scenario

As a wine sales manager, James travelled to New York on behalf of his company. Whilst walking along the street in New York he was mugged and fell and hit his head on the pavement. Later that day, he experienced dizziness and nausea and was taken to hospital where he was admitted and was diagnosed with an aneurysm.

His condition was very serious and the cost of his treatment and medical expenses were estimated at nearly $275,000 AUD. After spending months in the hospital, he was able to return to Australia and fully recover from his injuries.

The fact that John’s employer purchased a Corporate Travel policy meant that the expenses and repatriation costs were fully covered.

How do we add value as your Insurance Broker?

When travelling overseas you do not want to leave things to chance especially being far away from home. We know it is important to do things right the first time. We try to understand what your needs and concerns are – it may be simply you wish to amend the policy to include your mum and dad on the travel with you or your staff may want to extend the business trip by a few weeks to incorporate some leisure travel. Whatever your concern, we are here to advise you on the best way to do it, from a cost effective and product benefit perspective.

We will guide you through the quotations available and explain the limitations and benefits of covers.

Contact Us

Shop Insurance – – Business Insurance for Shops is a division of Steadfast Eastern Insurance Brokers P/L AFSL 449768 ABN 13 166 553 671.