Travel Insurance for Business Executives: Coverage & Benefits
The best insurance is the one that is not used… but if it is necessary to use it, this product serves to cover risks such as loss of luggage, medical or legal assistance and delay or loss of the trip, among others.
When leaving for a business trip, between the preparation of the agenda, meetings and luggage, it is very important to consider a task that will help you be prepared in the event of any unforeseen event and that consists of having a business travel insurance.
A business travel insurance is focused on offering coverage for people who are travelling for their professional duties.
Business travel insurance typically covers:
Medical, hospital and dental expenses incurred during a trip, arising from personal accidents. Or sudden and acute illness occurring during the period of the national trip and once the insured person has left his or her home town.
Medical return, which includes compensation for the expenses of the insured person’s return trip to the place of origin of the trip or to his home if he is not in a position to return as a regular passenger, due to a personal accident or illness.
Medical transfer, which includes the indemnification of the insured person’s travel expenses to the nearest clinic or hospital that has the necessary conditions to provide the required care, as a result of illness or personal accident covered by the insurance.
Accidental death while travelling, which includes the payment of the insured capital to the beneficiaries.
Transfer of the body, with compensation for the expenses incurred in releasing and transporting the body of the insured from the place where the death occurred to the home, including all the procedures necessary for the transfer.
In addition, there are different ways in which support is offered to insured persons in the event of needing legal defence, ranging from telephone advice to the assistance of a lawyer at the scene of the accident, if required. Also, there are extras that can be added to the coverage, such as the loss of electronic equipments (such as laptops or cell phones), transportation and stay of a family member in case of hospitalization, executive travel to replace functions, among others.
It is necessary to bear in mind that the company should be responsible for purchasing travel insurance for its business executives. Normally, there are corporate insurance packages that avoid the omission of taking out a policy when necessary, making the management of the company more efficient.
There are many insurance companies which keep on innovating to develop products tailored for customers and have digital tools with useful information on the destination, news, current events, call centers, telephones and contacts in case of emergency, as well as assistance through mobile applications or call centers, among others. In addition, they should provide support for the users to purchase travel insurance and accompany them in any situation wherever required.
So here are five recommendations that will help both companies and employees to choose the best travel insurance:
#1. Choose an insurance company duly registered in the country, with global presence and financial soundness.
#2. Purchase insurance according to the purpose of the trip and/or traveler’s profile.
#3. Check the required medical spending limit. The coverage of medical expenses depends on the destination country. For example, in the Schengen area, among the documents required to apply for a visa to visit any of these 26 European countries, travel insurance with a minimum coverage of $30,000 euros is required. Another case is the United States, where medical costs are higher than in other countries, so it is recommended that medical coverage be as high as possible.
#4. It is important that the insurance company has access to a network of medical services, hospitals and clinics in the the destination country.
#5. Make sure that the dates of the trip are within the validity of the policy.