According to a recent Toronto Star article, domestic and international business travel is booming in Canada. Due to the expanding global economy and product and service expansions to other world-wide cities, companies need to send representation to meet, negotiate and stay top-of-mind everywhere. This increase in travel means a greater need for employers and employees to have travel protection during unexpected events like an accident, illness, airline issues, inclement weather conditions and more.
World events resulting from political and social unrest have further increased the risk of business travel. Insurance protection for organizations with overseas travel commitments is now more necessary than ever. Let’s face it. Corporate executives have enough on their minds—presenting, negotiating and securing contracts. Having travel coverage in case of emergencies, is one less thing to think about and it provides much needed peace of mind and assurance.
Business travel coverage can include money-saving annual plans for frequent business trips, a single trip plan or coverage for a set amount of trips a year. Many plans provide 24/7 emergency medical coverage, protection in case of unexpected job loss and even much needed travel assistance services to help with issues like the recovery of a lost or damaged wireless device, prescription replacement and securing personal safety.
Other features to look for before purchasing the best business travel insurance:
• Trip delay/Missed connection: If a trip is delayed for more than a set number of hours due to specified reasons, a reimbursement is issued for up to a fixed daily monetary amount. Coverage is also provided for reasonable additional expenses, until travel becomes possible.
• Trip interruption: Reimbursement for additional airline transportation expenses, incurred by the traveller to the return destination, due to an unforeseen event.
• Lost luggage: Reimbursement for lost, damaged, or stolen luggage while en route.
• Baggage delay: Reimbursement up to a fixed daily amount to purchase necessary personal effects if baggage is delayed for more than a set number of hours.
• Emergency Evacuation & Repatriation of Remains: Coverage for evacuation expenses (under official direction) to the nearest adequate medical facility or home in the event of death or if medically required.
• Accidental Death: Pays for loss of life and limb if it occurs within 365 days of an accident during a business trip.