What is enterprise travel insurance?
Enterprise travel insurance covers entire companies for business travel. With all staff covered by one policy, there is less hassle and usually less cost when compared with individual insurance. These company-wide policies are customizable and can cover only certain countries and certain activities to reduce costs further.
As enterprise travel insurance specializes in business travel, companies can feel more secure about their travel arrangements. Credit cards and airlines often offer travel protection, which is a nice bonus but does not cover businesses to the extent of specific insurance.
What losses or damages does enterprise travel insurance cover?
Enterprise travel insurance covers everything you would expect from a business travel policy. Cover ranges from common travel issues, such as flight cancellations and medical expenses to more business-specific problems, such as theft of business equipment.
The following list is a summary of the major aspects that company-wide travel insurance covers:
- Lost luggage and personal items
- Travel expenses, cancellations, and delays
- Medical treatment and related transport
- Business equipment
- Laptops and other electronic devices
- Replacement colleague cover
- Money carried for business
How is it different from regular travel insurance?
Unlike regular travel insurance, an entire workforce is covered for just one annual premium. A company submits the predicted number of business trips their staff will undertake in one year and the insurance broker sets a single premium.
How long does it take to set up enterprise travel insurance?
Although policies can be very specific and often complicated, you can contract company-wide travel insurance in minutes. Common methods to get insured are over the phone, on travel insurance websites, and in person. Cover normally starts immediately, so your staff can begin traveling.
Can I add leisure cover to my enterprise travel insurance?
With the rise of bleisure travel, most insurance brokers offer a leisure option for an additional premium.