Corporate Travel Insurance at a Glance
Corporate Travel Insurance: Protect Your Business and Employees
Corporate Travel Insurance is essential for protecting your business and employees when travelling for work, whether intrastate, interstate, or abroad. It provides financial protection in case of serious accidents, illness, and travel delays that could disrupt your business operations. Additionally, Corporate Travel Insurance also covers business owners and their families when travelling together on personal trips.
Who Needs Corporate Travel Insurance?
New Zealand is renowned for its adventure sports, including bungee jumping, whitewater rafting, skiing, and snowboarding. Accidents and injuries are common, particularly on the ski slopes, and on mountainous roads due to snow, ice, fog, and strong winds. Therefore, anyone travelling for business in New Zealand, or any other location, should consider Corporate Travel Insurance to help cover the costs of accidents, injuries, or other unexpected events.
Interesting Facts about Corporate Travel Insurance
Overseas Trips
Kiwis made almost 2.8 million overseas trips in 2017, which is almost quadruple the number of trips made in 1988.
(Stats NZ, Overseas Trips by Kiwis Almost Quadruple Since 1988, Aug 2017)
Trips to Australia
In July 2017, Kiwis made over 1.2 million overseas trips to Australia.
(Overseas Trips by Kiwis Almost Quadruple Since 1988, Stats NZ, Aug 2017)
Types of Corporate Travel Insurance Covers
Basic International Cover
Provides value for those on a budget, covering overseas medical and dental expenses, as well as death or disability.
International Comprehensive Travel Insurance
Offers additional coverage for adventure sports, such as ballooning, abseiling, bungee jumping, horse riding, paragliding, parasailing, white water rafting, and trekking.
Life Insurance
Covers Accidental Death for the entire trip, Air Flight Accident, which covers the flight. And Common Carrier coverage pays in the event of death or dismemberment while you are traveling on any form of public transport.
What does Corporate Travel Insurance Cover?
Corporate travel insurance policy can provide a range of benefits for businesses and their employees:
- Coverage for property damages you may have caused or been responsible for, or bodily damage where you are at fault.
- Cover the excess on a damaged or stolen rental vehicle.
- Baggage and Personal Items Loss. This coverage provides reimbursement for lost, stolen, or damaged baggage and other personal items.
- The prohibitive costs incurred of covering staff for medical and evacuation costs if they become seriously ill or injured during a business trip.
- The cost of having to employ new staff to replace an employee who is injured or becomes seriously ill during work travel.
- Reimburses deposits on accommodation, flights, or conferences if you or your staff member's trip is canceled due to an accident or illness
What is usually not covered?
- Some pre-existing conditions may not be covered (your broker can explain these).
- Refunds if your travel provider becomes insolvent may not be covered.
- Pregnancy may not be covered.
- Traveling against medical advice. In addition, there is usually a deductible (or excess) and limits of liability (or sum insured).
- You may have to pay an excess, and there are coverage limits
CASE STUDY
George runs a food packing machinery manufacturing business in Hamilton. One day, while traveling to Chile for technical work on a customer's machine on site, his jewelry went missing. He lost a 10K Yellow Gold Chain, 55cm / 22" long, and a Gold Ring.
Fortunately, George was insured with Corporate Travel Insurance which covered the cost of his losses.
Why choose FG Insurance?
- Peace of Mind at Affordable Rates
- Flexible Plans
- 24/7 Roadside Assistance
- Fast and Simple Claim Service - online or by phone
- Modern Policy Wordings
- Competitive Pricing