3 Reasons That Your Business Needs Corporate Travel Insurance

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If you own a business in Australia, large or small, the unforeseen costs of travel calamities can be an inconvenience at best, and a significant financial setback at worst.

If you or your employees rely on travel to interact with clients or suppliers, you may want to consider insuring your business from losses while overseas or on domestic trips. We’ve listed some of the reasons you should consider securing corporate travel insurance for your business.

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1. INJURY OR ILLNESS

No matter where you and your employees travel, there’s always a risk of accidental injury or illness. If one of your employees’ lands in an American hospital with a high fever, or you get injured on the job in Melbourne, you deserve to feel confident that your travel insurance can protect your business from massive hospital fees.

Don’t think this could happen to you?

In the 2012/2013 financial year, the Australia Financial Ombudsman Service reported that over 200,000 travel insurance claims were paid out on overseas injury or illness.

In the event of injury or illness, corporate travel insurance doesn’t just prevent you from paying out medical expenses. It can also help you send an alternative employee to that essential meeting or that potentially profitable networking event that you might otherwise miss.

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2. LOST OR STOLEN BUSINESS ITEMS

If you’ve ever lost a checked bag in the airport, or had a briefcase stolen during a business trip, you know how inconvenient (and expensive) it can be to replace lost items.

When you’ve just lost a few changes of clothes and a laptop, it’s expensive enough. Imagine if you were to lose an expensive prototype of your latest product, or an entire photography kit.

You should consider travel insurance if your business frequently travels with:

Documents, art, and other paper items that cannot be easily replaced. 
Fragile items that may not survive rough treatment from airport security or baggage handlers.
Expensive items specific to your business including proprietary equipment, electronics, or product prototypes.
Photography and videography kits or multimedia presentation equipment.
And more!

For many businesses, this list won’t cover the possible items that you could lose on a trip. What do you and your employees frequently travel with? Would your business suffer if you were forced to replace those items?

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3. POLITICAL AND NATURAL DISASTER

As globalisation makes business opportunities more accessible across the world, you may find your business doing work in high-risk countries with a greater potential for theft, political upheaval, or natural disasters.

Consider the following scenario…

You’ve sent three of your sales reps to Thailand to pitch a huge potential client on your top service. After arrival, a thunderstorm starts in the city. The streets start to flood and power is lost in their hotel. Planes are grounded in the nearby airports, and it becomes obvious that your employees will have to travel 200km to the nearest unaffected area to get home.

Without insurance, you’ll have to pay to transport all three of your employees to another airport, and pay for last-minute flight changes.

Do you want to have to pay for those expenses out of pocket?

With the right business travel insurance from a reputable Australian insurer, you can protect yourself from this kind of financial loss (or worse) without having to pay exorbitant monthly premiums.

WANT TO FIND THE RIGHT CORPORATE TRAVEL POLICY FOR YOUR BUSINESS?

Looking for an insurance expert who you can trust to provide you with the exact coverage you need, for the right price?

With over 30 years of respected service in the Australian insurance industry, you can trust Insurance House to assess your business travel risks and provide you with a plan that fits your risk profile, and your budget.

If you want to know more about Corporate Travel, please feel to call us on 1300 659 484. Or, you can email us on: ih@ihgroup.com.au.

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