Business insurance can often be a high cost item for companies, but by checking out online options corporations can save time and money.
Business traveling is a must if your company has employees or even contractors traveling regularly, either domestically or overseas. Without an effective business insurance policy in place companies may be liable for the costs incurred as a result of any illness or injury that befalls an individual on the company’s payroll while they are traveling. Without adequate business travel insurance in place the company could also suffer significant financial loss in meeting the costs of any medical or hospital bills.
Often annual business traveling insurance is purchased as this can be cost-effective and save the employer time. Rather than insuring each employee on a single trip basis it is much more economical to consider annual business multi-trip insurance cover. By putting an annual business cover (multi-trip) in place an employer saves the time it takes to negotiate the terms and conditions each time single trip insurance is organized and also saves in overall premiums in that the cost for the multi-trip policy will result in a lower average cost per trip when compared with many single trip insurance policies. Annual multi-trip travel insurance can provide for unlimited travel within an extended period as long as each trip does not exceed a certain amount of days.
Further cost savings can be made if you nominate the areas in which your staff will be traveling. If your business is focused in Asia and Pacific regions, why pay extra for cover in North America? There are a select number of online travel insurance companies who will allow you to tailor your policy to specific destinations. In this way you not only reduce your premium costs but also do not have to report back to the travel insurance company as to where you are traveling each time.
As noted, business insurance policies usually fall into one of a few categories: single trip, multi trip and/or annual trip travel insurance policies which are available to cover the different circumstances of each staff member traveling. A CEO for example is likely to be traveling regularly and in this case an annual multi-trip policy would be most appropriate. Sales staff where the company supplies Australia wide or to overseas markets would also be frequent travelers and thus suit the annual multi-trip business travel insurance.
If on the other hand there is a one-off requirement for an employee to travel then single trip business insurance would be most appropriate. Basic business travel insurance policies can include cover for emergency medical and hospital treatment as well as a nominal amount for lost or stolen credit cards, travel documents and luggage as well as personal liability claims that might occur.