Business Travel Insurance
Compare travel insurance options for your business here.
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Travel insurance isn’t just about insuring yourself for a holiday in Australia or overseas; it’s also important to have if you or your employees are taking flight for business purposes. Business travel insurance is designed to cater to that very need. However, it’s important to shop around for your insurance to make sure you explore all possible options before you buy.
By comparing your options with Savvy, you’ll give yourself a chance to look at several policies side-by-side from some of Australia's leading insurers. Our panel of trusted partners can help you quickly get insured for your business travel right away, so start the process and get your free quotes here today with Savvy.
What are my business travel insurance options?
As a business owner, there are many different types of travel insurance you may look to when comparing policies. It’s important to think about the type of travel which will be undertaken by you and your employees over the foreseeable future, as this will have an impact on which type of insurance is best suited to your needs. The different types of policies on offer include:
Comprehensive or basic travel insurance
Firstly, decide whether to take out comprehensive or basic insurance. A comprehensive policy will come with a greater number of claimable expenses and covered events at a higher price, whereas basic policies will generally only cover the essentials, such as medical expenses and personal liability. However, there are also options available to employers who may only require cancellation cover, such as if it’s only a short domestic trip and luggage is minimal.
International or domestic travel insurance
Whether you’re travelling overseas or interstate will have a significant impact on your choice of policy. International and domestic policies are largely similar in terms of what they cover, although domestic insurance omits medical cover due to the fact that Medicare and private health insurance are still able to afford you the cover necessary while on Australian shores.
Single-trip travel insurance
If your business is in a position where corporate trips are rare, and only happen once or twice a year, you’re likely to require a single-trip policy. This covers you for one trip from the point of departure to the point of your return, with the requirement that both of these be in Australia. A single trip can last up to 12 months, which is handy if you’re moving away temporarily for a set contract.
Annual (multi-trip) travel insurance
Annual or multi-trip travel insurance, on the other hand, is more popular with businesses who send employees on trips regularly throughout the year. Under this type of policy, you can be covered for all travel taking place in a 12-month period, with a maximum limit of up to 90 days total interstate or overseas. An annual policy may be more cost-effective for multiple business trips within a year.
Group travel insurance
Alternatively, if you’re sending multiple employees on a corporate trip, there are also group travel insurance policies available. There are insurers who can offer policies for a group of up to 25 people. This type of policy might be appropriate if several of your workers are going to a conference together, for example. It may prove to be cheaper than a number of separate policies for individuals.
What does business travel insurance cover?
Business travel insurance covers most of the same events that a standard travel insurance policy would, in addition to other business-specific areas. When comparing insurers, it’s important to consider the inclusions and exclusions which may impact your employees or business should something go wrong. The main areas of coverage offered by business travel insurance are:
- Medical treatment: if overseas, emergency and general medical assistance are covered by travel insurance policies. This also extends to the cost of transporting someone to hospital (either in an ambulance or by helicopter) and medical evacuation if they’re required to return to Australia.
- Loss or theft of (or damage to) personal effects: should luggage and/or business valuables such as laptops and smart devices be lost, stolen or damaged, your policy may cover the cost up to a set limit. Business money being lost or stolen may also be covered. This can also extend to the personal valuables of the traveller, such as their electronics, jewellery or cash.
- Cancellations: this can include flights, hotel bookings or any other cancelled engagement that is cancelled due to a covered event. It can range from trips being cut short to those cancelled altogether.
- Replacement of an employee: if your employee originally slated to travel is unable to do so, or unable to complete the trip, your insurance may cover the cost of sending someone else in their place.
- Resumption of assignment: should the individual become unable to complete the trip and be returned to Australia, the costs associated with returning them to the original destination to complete their assignment can be included in your travel insurance policy.
- Hire car excess: if your employee is responsible for damaging a hire car whilst on the trip, its excess can be covered as part of your business insurance policy.
- Personal liability: similarly, if an employee is found responsible for injury to a third party or damage to their property, travel policies can cover personal liability from $1 million up to $5 million, depending on your insurer and the type of insurance you take out.
It’s important to note, though, that not all travel policies will cover all pre-existing health conditions. Some conditions (such as coeliac disease and migraines) can be covered automatically, but others, such as those relating to the heart or forms of diabetes, cancer and deep vein thrombosis, may either require you to pay extra, or coverage may not be possible.
How else should I compare travel insurance for business purposes?
There are many ways to compare travel insurance policies. It’s important to do this, as comparing offers may help you save money, and help you find a suitable policy for your business. As well as insurance inclusions and exclusions, the key factors to consider as regards business travel insurance include:
Policy cost
A simple way to compare policies is by looking at their respective premium costs. However, saving on the cost of your policy shouldn’t come at the expense of coverage for important events.
Optional extras
If you’re looking to include some adventurous activity during your work trip, it’s important to know what activities are included in your policy, and those which are excluded, but can be added as an optional extra. This may include activities like rock climbing, surfing, skiing and scuba diving.
Excess requirements
Your policy’s excess is also an important piece of the insurance puzzle, as this represents what your business will pay upon making a claim. This can range from as little as $0 up to $500, but it can usually be set by the policyholder, so you may have a choice about the size of your excess.
Age limits
Not all insurers will cover travellers of all ages. Some will cap their coverage at those under the age of 65. However, if you or your employees are older than this, there are insurers that can offer cover up to the age of 100 in some cases. The older you are, the more you’ll likely pay for your insurance cover.
Claim limits
When it comes to things like cancellation fees and personal or business effects, you may only be able to claim up to a set pre-determined limit, which may not cover the full value of your loss. Different insurers and policies come with different limits. For example, one policy may cap the effects cover at $5,000 while another may offer up to $15,000 of cover. Make sure the limits on your policy are appropriate for your business needs and travellers.
Destinations covered
Finally, it’s vital to check to ensure the countries you’re planning to travel to are covered by your insurance company. While most insurers will offer cover for travel to almost all countries around the world, there are some exclusions. If there is a government travel warning or advice against entering a particular country at that time, you may not be able to get cover for travel to that destination. Check your intended destination is covered when you buy your insurance. For example, there’s little use in starting the process of insuring your trip to the Philippines if your chosen provider doesn't cover travel to that nation.
Types of travel insurance
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Common business travel insurance queries
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Disclaimer:
We do not compare all travel insurance brands currently operating in the market. Any advice presented above or on other pages is general in nature and does not consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
Savvy earns a commission from our partners each time a customer buys a travel insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via their websites.
Before purchasing your policy, we recommend you refer to the provider’s PDS for any further information on the terms, inclusions and exclusions.
