What’s Corp. Travel Ins.?

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Corporate travel insurance covers medical, personal, and business-related losses for employees traveling on behalf of their employer. It is a budgeted expense for companies with frequent travelers and may vary based on department or title. Some companies require employees to bring their own insurance, and coverage is negotiated at the beginning of employment.

Companies offer various types of insurance for different purposes and to be used at different times. Insurance that covers medical, pharmaceutical, and other miscellaneous expenses incurred by employees while traveling on behalf of their employer is called corporate travel insurance. Corporate travel insurance coverage may also include other personal or business-related losses, such as loss of luggage, personal effects, laptop computers, software discs, or business products. The company insurance policy is usually specific in outlining what items are covered and not covered when employees travel for business purposes and accidents occur. Usually, if an item or items are related to the employee performing his duties, it is classified in the company’s travel insurance policy.

It is common for large corporate entities to frequently send their employees on trips to conduct corporate business or make sales calls. Sending employees on these trips carries some element of risk, placing the company in a position of responsibility for overall employee safety. Insuring the employee and any related property protects the company financially. The insurance also replaces the damages suffered as a result of the trip. Depending on each company’s policy and exclusions, travel coverage may also extend to overseas corporate travel.

Organizations typically carry corporate travel insurance as a budgeted expense, especially if they have employees who travel frequently. Travel coverage may vary in its extent and may cover employees based on department, geographic location or title. For example, employees who work in the company’s IT department and travel only occasionally may not require the same travel insurance as the company’s sales manager who travels several times a month, sometimes overseas.

Some companies may require their employees to bring their own business travel insurance and have the company travel insurance act as a pilot to what the employee is carrying. Most jobs that have this type of setup are those in sales or consulting where the employee has to do a significant amount of travel. The cost can be substantially lower per employee than a corporate rate. Additionally, the employee may be able to add their business travel insurance to any existing insurance policy they already own, thereby reducing their insurance costs. The employee may also be reimbursed at the end of the year by the company for the expenses incurred.

When an employee is hired by a company to perform certain duties, specific insurance coverage is usually outlined at the beginning of the employment relationship. If there are to be certain circumstances relating to travel insurance issues, they will often be negotiated in advance. This allows you to be aware of any limitations or exclusions regarding your insurance coverage through your employer.




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