How does travel insurance and corporate travel insurance differ?

Whether you’re a businessman looking to insure himself for a work-related trip or a company looking to insure its employees for business travel, business or corporate travel insurance could be the insurance choice for you. Choosing this kind of speciality insurance offers benefits in both its tailor-made policy detail as well as cost. Below we examine some of the advantages of opting for corporate travel insurance.

Insuring your work’s equipment

Corporate travel insurance covers the cost of any business equipment or tools that you have to take away with you - from laptops to iPhones. You should note that any phone, computer etc that is your own property, is unlikely to be covered as standard in such a policy – more often than not it must be company-owned. If you are taking anything particularly valuable with you, you should also take a look at any maximum payout restrictions your business travel policy have in place. If your item is very expensive, it could well be that your policy will not cover its full value – although you should be able to add some extra cover if you need to.

Staff replacement cover

In the event of an injury or illness preventing you from making an important speech at a conference, or missing a vital meeting, the staff replacement cover part of a business travel policy is indispensable. Should an unfortunate event occur, your policy will cover the cost of having one of your colleagues or company’s other representatives attend in your place.

Proof will be required to show that you were genuinely and seriously ill or injured enough to prevent you from attending – so it has to be something more serious than a common cold! 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.

Another point to watch with this insurance feature is exactly how much cover will be provided 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.

Equipment hire

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. And when you do hire this equipment, if it gets lost en route to you or delayed in any way, a corporate travel insurance package will cover the cost of this too.

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.

Article Source: http://www.articledirectorylive.com

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