Business Travel Insurance Plans
Business travel insurance is a comprehensive safety net designed to protect your employees and business interests while they’re on the go for work-related trips. It is important for companies to provide peace of mind to their employees travelling outside their country of residence with worldwide business travel medical insurance coverage for their mobile workforce. Expat Financial can source group business travel medical insurance plans to cover employees traveling abroad for business.
A typical business travel health insurance plan covers treatment for an acute injury or illness and medical evacuation. The plans also offer evacuation insurance coverage on a standalone basis or as part of an overall policy. Personal accident coverage can also be purchased.
You can contact us for a quote. Please include as much information about your company as possible, including an employee census with travel details and other relevant information. We will then call or email you to discuss your requirements and report back with some insurance options from the market. We represent several global insurance companies, and we do not charge a fee as TFG Global Insurance Solutions Ltd. is compensated by the insurer. We can access business travel medical plans covering COVID and even terrorism-related claims.
What do Most Business Travel Plans Cover?
As noted above, business travel insurance is essential for companies that send employees abroad for short-term travel, generally for trips lasting under 180 days. It protects the business and its employees from financial losses involving medical, evacuation and even crises caused by unforeseen events. We find that a well-structured corporate travel insurance policy covers medical emergencies and evacuations most critical but also provides some personal accident coverage, which is critical. Secondary coverage for trip-related disruptions and liability concerns can also be added or purchased separately. We have listed out the key parts of a well-crafted business travel plan for organizations:
1. Emergency Medical Expenses – This often covers hospitalization, surgery, prescriptions, hospital room, emergency dental, and doctor visits for illnesses or injuries sustained while traveling.
2. Crisis Assistance – some plans will include risks that impact or have the potential to impact an employee while traveling, such as violent crimes, terrorism, natural disasters, political threats, and pandemis. Note that special risk plans also include such items and are better at covering them.
3. Medical Evacuation & Repatriation – Provides transport to the nearest adequate medical facility or repatriation to the employee’s home country if necessary. This is another key feature of a plan and the evacuation providers the insurer uses must be capable of dealing with evacuations in the region you are sending employees to.
4. Pre-existing Conditions Coverage – Some policies provide limited coverage for employees with pre-existing medical conditions, though this varies by provider.
5. Personal Liability Coverage – Protects against legal claims if an employee accidentally causes injury to a third party or damages property.
6. Legal Assistance and Bail Bond Coverage – Covers legal expenses if an employee faces legal action or arrest while abroad.
7. Business Equipment – Reimburses costs for lost, stolen, or damaged company-owned devices.
8. Travel Disruption – Some plans cover trip delay and baggage loss, but these claims are often quite small and should not be the primary concern for most businesses.
Top Eight Reasons Your Company Should Secure Business Travel Insurance
Here are eight reasons why your organization should buy an international business travel medical insurance policy:
- Financial Protection – Note that medical expenses incurred abroad, especially in some countries such as Hong Kong, the USA and many others, can be exorbitant. A group plan can also provide much better rates than buying individual policies.
- Domestic Health Plan Not Sufficient – Many corporate health plans may not cover emergency medical expenses outside the country, but others that do will have coverage that is fine for pleasure travel, but not business travel. This is especially important if your employees are being sent to high treat countries.
- Access to Medical Care – The insurance provides access to quality healthcare facilities, which might otherwise be challenging to afford or unavailable. Most providers will give your employees access to a medical network that will allow for direct reimbursement or a guarantee of payment.
- Expert Assistance from the Insurer – Most business travel plans will give your employees access to their medical teams, which can be life-saving in the event of a health emergency abroad, especially if an evacuation is required or your employee is travelling in a country with limited healthcare.
- Duty of Care – Comprehensive medical and evacuation coverage for an employee serving abroad on short-term assignments through a global business travel plan is critical to meet your duty of care to your employees. Otherwise, an incident not fully covered could open your business up to severe legal penalties and losses.
- Compliance with Corporate and Legal Rules – Many countries require that all visitors and expats have adequate emergency health coverage, including evacuation and repatriation, and may require a confirmation of coverage from the insurance provider. A visa might not even be issued without adequate travel medical coverage.
- Peace of Mind – A properly designed business travel medical plan can provide employees with well-being. They can then feel confident that if something happens, they will be taken care of. Global mobility teams and HR managers can also ensure that a medical emergency won’t impact their business operations.
- Access to Supplemental Coverage – Many business travel policies will often include additional services such as:
- Personal accident coverage
- Crisis support
- Trip interruption
- Mental wellness support
What to Look for in a Business Travel Provider
Choosing the right business travel insurance provider is crucial to ensuring comprehensive protection for employees and executives on work-related trips. Here are key factors to consider:
- Global Reach & Capabilities – Choose a business travel insurer with a strong international presence with 24/7 emergency assistance. Look for providers with a network of hospitals and service partners worldwide to ensure prompt medical care and logistical support.
- A Robust Evacuation Network & Providers – Especially if your employees are traveling to high risk or remote regions, you will want a provider that works with very capable medical evacuation providers, such as International SOS or Healix.
- Business Specific Cover – Make sure your HR team chooses a plan that is meant for business travel, not pleasure as pleasure plans are often less robust.
- Easy Access and Service – Dedicated phone line available 24 hours a day, seven days a week
- Favourable Rates – Try not to choose the least expensive plan, but we can help search the market for a comprehensive business travel plan that will be competitive.
- Ease of Use & Administration – We have access to some providers that can cover your employees for one annual fee for multiple trips in a year for one annual premium. Some providers don’t ask you to keep track of employee travel but instead simply ask for an estimate of travel for the coming year.
- Provides Travel Information – Many plans in the market can provide global HR managers and even employees with useful travel tips and information, such as immunization requirements, disease prevention tips and security alerts.
- Self-service online Certificate of Coverage – Some countries will ask your employees to provide proof of medical coverage for their trips as part of the visa requirements. The insurer should be able to provide proof of coverage for your employees.
Why Choose Our Firm for Business Travel Coverage?
Business travel insurance is a crucial safeguard for companies with employees traveling abroad. Expat Financial, which is a division of TFG Global Insurance Solutions Ltd, works with clients around the globe to secure business travel coverage where available and permitted or we can often refer to our broker partners who can assist.
It ensures financial protection against medical emergencies, trip disruptions, legal issues, and cyber risks. Employers should carefully evaluate their policies to align with their risk exposure and employee needs. Our team is committed to offering flexible and comprehensive travel insurance tailored to your unique needs. We have extensive experience, knowledge and insurance contacts to help your global mobility team meet its duty of care when sending employees on short-term assignments, but also potentially secure coverage for your consultants and directors as well.
Secure Business Travel Coverage Now
Click HERE if you require an individual travel insurance plan that you or your firm can purchase online. If your organization requires group travel health insurance for a single trip for 5 to 1000 individuals, contact us for a custom solution, especially if you require an annual multi-trip plan for a number of employees.
It is an excellent program for organizations needing group business travel medical coverage for a group of travelers who are travelling simultaneously. Finally, should your employee be traveling to a high-risk country, please contact us via email and we can approach our special risk underwriters for a plan that will cover passive war and terrorism. We can also review your existing coverage to make sure it will meet your duty of care.
