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Which is the best business travel insurance for employees?

May 9, 2024
Business Travel
employee crossing road

Work trips can be risky for employees, like getting sick or losing luggage. While a strong company travel policy can help mitigate these risks, it's not always enough. That's where business travel insurance comes in!

But with so many options available, choosing the best business travel insurance for your employees can be overwhelming. This guide will help you select the best features and coverage for your team during business trips. It will ensure that they stay safe, comfortable, and productive.

Why is travel insurance important for business travellers?

Travel insurance is important for business travellers because it can protect them from unexpected events that could disrupt their trip. Travelling for business often involves a significant investment in terms of both time and resources. So unexpected events, such as trip cancellations, flight delays or medical emergencies, can cause serious problems.

Having travel insurance in place protects you financially by covering the costs associated with these unexpected events. If your employees travel for business, this can help offset any potential financial losses. What’s more, comprehensive travel insurance can also include benefits like emergency medical coverage, repatriation assistance and coverage for lost or delayed baggage.

This provides an extra safeguard for business professionals against the uncertainties they face when travelling. Get travel insurance for your employees so they can focus on work without worrying about unexpected problems. This will give them peace of mind knowing they have support if something goes wrong during their trip.

Group business travel insurance: benefits and coverage

Group business travel insurance policies are not too different to the ones we take out for our personal trips. Of course, they can offer a range of benefits and coverage tailored to companies whose employees travel for business. You will usually be able to customise your cover to make sure you provide comprehensive protection that is relevant to your employees on their business trips.

Here are some of the benefits and coverage you can choose:

  • Trip Cancellation and Interruption: reimbursement in case of trip cancellation or interruption, such as illness, injury or unforeseen business emergencies.

  • Emergency Medical Expenses: coverage for medical expenses due to illness or injury during the business trip, including hospital stays, medication and emergency medical evacuation.

  • Travel Delay and Missed Connections: compensation for any additional expenses caused by travel delays or missed connections.

  • Baggage and Personal Effects Coverage: reimbursement for the loss, damage or theft of personal belongings and business equipment during the trip, including laptops, smartphones and other essential items.

  • Accidental Death and Dismemberment (AD&D): financial benefits in the event of accidental death or serious injury while travelling for business purposes.

  • Legal Assistance: coverage for legal expenses arising from certain situations, such as liability issues or legal troubles in a foreign country.

  • Pre-existing Medical Conditions Coverage: some policies may provide coverage for pre-existing medical conditions, ensuring that employees with existing health issues are protected during their trip.

  • Emergency Assistance Services: access to 24/7 emergency assistance services, including medical consultations, travel assistance and coordination of emergency services.

  • Business Equipment Protection: coverage for damage, loss or theft of business equipment like laptops or other electronic devices, making sure that employees can continue their work.

  • Repatriation Assistance: assistance in repatriating employees in the event of a medical emergency or other incidents requiring their return home.

  • Personal Liability Coverage: protection against legal liability for bodily injury or property damage caused by the insured during the business trip.

  • Group Discounts: insurance providers often offer group discounts for companies purchasing coverage for a large number of employees, making it a cost-effective option for businesses with frequent travel requirements.

How does travel insurance work?

Travel policies are there to make sure that any unexpected problems we might face when travelling will not leave us seriously out-of-pocket. They will usually also provide us with expert assistance in dealing with the logistics of dealing with unforeseen events.

In the event of an eligible claim, travellers can file a claim with the insurance provider, along with documentation and details of the incurred expenses. The insurer then assesses the claim based on the policy terms and conditions and, if approved, provides financial reimbursement or assistance to cover the costs incurred.

Each policy will have its own specified limits and conditions, so it’s important to be aware of these and read the policy details carefully. Many policies work on a reimbursement basis, meaning that you will need to pay out from your own pocket and claim back the money later.

Most travel insurance companies will have a FAQ page on their website and, of course, you can also speak directly to their agents and resolve any queries you may have. In the meantime, here are the answers to a few common questions.

Can I cancel travel insurance? Exploring your options

You can usually cancel travel insurance policies, but the process and any refund you may get will depend on the terms and conditions in your specific policy. These will obviously also be different if your policy provides annual multi-trip coverage or is only for one particular trip. It’s important, then, to carefully check the terms and conditions of any policy you decide to take out.

Does personal travel insurance cover business travel?

Personal travel insurance primarily covers private individuals during leisure trips and holidays. While personal travel insurance may cover some basic things during a business trip, it generally does not provide the comprehensive protection needed during business travel. Standard personal travel insurance may not adequately address the unique risks and requirements involved in business trips.

Choosing the right coverage: which credit cards offer travel insurance

A number of credit cards offer business travel insurance as part of their benefits package. This can be an attractive option, particularly if your company also provides company credit cards for your employees. Combining these two provisions can save costs and also allows for unexpected expenses to be charged to the card and reimbursed before payment is due.

Here's a list of banks that offer this service:

  • American Express

  • Barclaycard

  • HSBC

  • NatWest

  • Lloyds

  • Santander

Expert recommendations: selecting the best travel insurance for your needs

As with anything business travel-related, it’s best to enlist the help of experts in the field. If your company travels frequently for business, using FREENOW for business travel services can be beneficial.

FREENOW can assist with both frequent and occasional business trips. Their services can help streamline the process of booking and managing business travel. This can save your company time and resources. Offering things like business taxi booking services, expense management and, of course, help choosing the best travel policy, make sure you turn to FREENOW first when you need support with your business travel.