As a business leader, the responsibilities you carry extend beyond the boardroom. Your frequent travels, both for business and personal purposes, necessitate a robust safety net that not only safeguards you, but also your loved ones and your business.
Personal accident and business travel insurance is important to have in place, especially for directors and senior executives, providing extensive coverage and peace of mind. This insurance is invaluable, particularly for those at the helm of businesses.
This type of policy simplifies the process of obtaining comprehensive coverage. A single policy, it offers protection against a multitude of potential risks encountered during travel, ensuring that both organisations and their employees are well-protected.
Whether it’s a medical emergency, loss of travel documents, a natural disaster, or even a terrorist incident, this insurance provides the backup needed to protect you and your business simultaneously. Organisations cannot predict the unforeseeable challenges that might arise during employee travel or work abroad, making this coverage indispensable.
Employees are the lifeblood of any organisation. An interruption in the workforce due to travel disruption, injury, or death can lead to significant financial losses. By securing a personal accident and business travel insurance policy, companies can mitigate these risks effectively.
The policy can cover medical expenses, emergency travel expenses, repatriation, emergency medical evaluation, and accommodation and sustenance expenses due to accidental bodily injury or illness occurring outside the insured person’s country of residence.
It can also include a range of standard benefits that add value to the coverage. These include protection for business and personal belongings such as keys, business equipment, and business samples. It also covers cancellation, curtailment, and change of itinerary (excluding coronavirus-related issues), travel delay, missed departure, hijack, kidnap and ransom, personal liability, and legal expenses.
We have a case of a director who was on a business trip. During the trip, he encountered multiple issues. The comprehensive insurance coverage ensured that all these problems were taken care of, minimising the impact on both his personal and professional life.
Business owners, senior executives, and those with access to business funds often travel extensively. This insurance policy accommodates the unique needs of such individuals. So whether it’s a family holiday in Europe, the US, or the rest of the world, the policy provides the necessary protection.
In instances where emergency treatment is required while abroad, the policy ensures that these costs can be claimed back. This incidental cover is crucial for ensuring that unexpected medical expenses do not become a financial burden to the individual and/or business.
Designed to be flexible, automatically covering directors while allowing the addition of employees. For example, if you have a team of 10 people who travel frequently, they can be included under the policy. This flexibility ensures that the coverage can be tailored to the specific needs of the organisation.
In high-risk areas, such as Nigeria, which is a destination frequented by some of our policy holders, specialised under-writers can also provide bespoke coverage that takes into consideration the security measures you will have there. For some, this could be as extensive as armed guards and secured compounds which means you can obtain cover. This tailored approach takes into consideration the unique personal and professional circumstances of each insured individual.
Because each destination comes with its own unique risks, a broker is best placed to mould your policy. It can liaise with under-writers to confirm specific coverage details, ensuring that the policy meets the needs of the insured.
Annual reviews of the policy are conducted to account for changes in the number of trips, durations, and other relevant factors. This ongoing assessment ensures that the coverage remains adequate and cost-effective.
Personal accident and business travel insurance is an important asset for business leaders. It provides comprehensive coverage that safeguards against a wide range of risks, ensuring that both the organisation and its employees are protected. For those who travel, it is an essential part of your firm’s coverage.
- Conor Murphy is commercial account executive at AbbeyAutoline (abbeyautoline.co.uk)