Sending an employee on a corporate trip is an integral part of a business that is looking to flourish beyond local borders. Gaining information, increasing the number of investors, cracking deals, educating masses about a product, etc. could be easily done when a representative is physically present rather than connecting virtually. Those who excel in these tasks are valuable to the company.
There could be a number of contingencies while an employee travels for business in an unknown region. The logical financial solution to reduce the impact of any travel risk is travel insurance. A travel insurance policy can be of many types and could offer coverage for specific situations. Certain insurance companies offer travel insurance in India to cover corporate trips. In this article, we will discuss the coverages under corporate travel insurance.
What is Covered under Corporate Travel Insurance?
#1 Loss of documents
When you leave on a foreign trip, taking care of your ID proofs such as passport, visa, etc. is important. If you lose any of these, it will become virtually impossible for you to move about freely in the country. When you find yourself in this situation, you need to get in touch with your travel insurance company in India. They will assist you to get a duplicate passport and may also cover the expenses related to the same.
#2 Loss of baggage
Nowadays, we rely a great deal on our laptop or smartphone to store vital information such as a presentation or a contract. If you lose these items on your business trip it can prove to be disastrous to the purpose of your travel. Thus, your travel insurance company will financially cover you against the loss of your baggage.
#3 Coverage for medical emergencies
Accident and injuries are completely unpredictable. These can occur while you travel on a business trip. Thus, they are covered under a travel insurance policy. If you need money for hospitalization to get treatment for a condition that begins while traveling, you can make a claim. This feature of travel insurance in India is especially useful in countries where the cost of availing medical treatment is high.
If you face any situations like political unrest or a breakout of an epidemic i.e. medical emergency and need to be evacuated, the cost will be borne by your travel insurance company. However, the same may not be covered if the emergency was already present before you visited that county. The best solution is to make yourself aware of the current situation of the place you will be visiting.
#5 Trip cancellation
This cover is usually covered under most of the types of travel insurance policies. There could be an unpredictable reason which eventually led to your trip being canceled at the last moment. Usually, the arrangements are made quite in advance. Hotel and transport are an integral part of this arrangement. Your insurer may bear a part of expenses for a trip in case it gets canceled for a genuine reason. A situation like “I just don’t feel like going!” is not considered as a genuine reason.
Ways to Buy Travel Insurance?
There are two ways in which you can buy travel insurance. One is selecting the traditional offline method where you can get in touch with an insurance agent/broker or visit the insurance company personally. This is a slow process.
Another, the more productive method is to buy travel insurance online. You can select the appropriate policy within minutes and get the trip insured in a matter of a few clicks.
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