Business Travel Insurance
Business travel can be stressful. You’re often only travelling for a short period of time and have to fit in a lot, whether that's meetings, training or other deadlines. Losing your passport, luggage or missing a flight is a stress that you don’t need. Should the worst happen, a business travel insurance policy can help you cover unexpected expenses like a new flight or medical costs.
In This Guide:
- Different types of business travel insurance
- What does business travel insurance cover?
- Travel tips when purchasing travel insurance
Different types of business travel insurance
There are two main types of business travel insurance:
Business Administrative Insurance
If you're a business owner who travels regularly to different countries, or you have employees who travel regularly to different countries (who are not travelling to conduct manual labour) then you'll need . Additionally it’s likely this insurance will only cover individuals under the age of seventy-five.
Business Industrial Insurance
If you or your employees travel often to conduct manual labour, then you'll need business industrial cover. Bear in mind that these policies will most likely only cover people sixty five years old or younger.
What does business travel insurance cover?
Your business travel insurance will firstly give you standard travel insurance cover and so should cover you for the following things:
- Trip cancellations and curtailment
- Accident, liability and legal fees
- Stolen or lost items
- Medical treatment and transportation costs back to South Africa
With regards to business specific cover, you will likely be covered for the following:
- Business equipment – things like a laptop or tools for a job should be covered incase of loss or damage
- Flight cancellation – if your flight is cancelled or the airline goes into administration while you are away you should be reimbursed for any costs
- Additional costs – if you miss your outward or return flight, or perhaps any connecting flights having business travel insurance will help
- If your business trips include networking events and activities like golf or other sports some business specific policies will cover you for golf clubs and sports equipment
- Business cover may also ensure you are covered for hospitalization for pre-existing illnesses
If you intend to send your staff on regular trips it may be more cost effective to purchase a annual policy. This will ensure staff, subcontractors and guests who travel for the company are covered and avoids you having to get separate quotes for every planned trip.
Travel tips when purchasing travel insurance
- Make sure you declare any pre-exisiting medical conditions to your insurer
- If are a victim of theft the sooner you tell your insurer the better. Make sure you provide the insurer with a police report, evidence that you owned the item and it’s value
- Remember to always check your policy for any exclusions or excess on items