Nowadays, many businesses are developing a strong global presence and trying to become international brands. This has led to travel companies witnessing a larger number of people travelling for corporate purposes, whether in their own country or abroad.
A survey found that 58% of small businesses are already working with international customers and this has enabled them to make crucial worldwide connections. This has led to half of small businesses based in the United Kingdom becoming exporters, which shows that international trade can provide an array of benefits for a company.
We’ve teamed up with timeshare claims specialists, True Solicitors LLP, to discover everything you need to know about business travel insurance.
Is an employee covered by employer’s liability insurance?
While your employer’s liability insurance can cover any illness and injury, whether it was caused on or off site, this isn’t enough to cover all possible situations abroad, according to Bluefin Professions.
To start with, an employer’s liability insurance won’t cover any cancelled flights, all medical costs, or repatriation costs. If nothing else, flights and travel bookings get delayed or cancelled quite frequently, so it’s certainly worth purchasing travel insurance for this reason alone.
Is an EHIC enough for business trips to Europe?
It’s certainly advised that you get an EHIC (European Health Insurance Card), but this is in no way a suitable replacement for business travel insurance.
This is because there are certain limitations with an EHIC. The NHS website states that an EHIC will cover:
- The right to access state-provided healthcare during the visit. Often this is free or available at a reduced cost.
- Treatment of a chronic or pre-existing medical condition if it is needed during your visit.
- The provision of oxygen and kidney dialysis, but these must be pre-booked before the trip. If a private provider is booked, however, this isn’t covered.
- Routine medical care for people with pre-existing conditions that need monitoring.
However, it makes it clear that an EHIC won’t cover:
- Private medical healthcare.
- Private medical costs such as mountain rescue at ski resorts.
- Lost or stolen property.
- Being flown back to the UK.
- Treatment on cruises.
- Medical expenses if travelling abroad specifically for treatment.
- Some parts of the EEA (European Economic Area).
Plus, it won’t cover any non-medical related mishaps that may occur on your trip, such as a cancelled flight.
Can my expenses be claimed back through the credit card insurance?
While some expenses are fine to be claimed back through your company’s credit card insurance, once more, this isn’t watertight. Credit card insurance can often be quite basic, according to Corporate Traveller, and normally limits how much you can claim back depending on how long your trip is.
As MoneySupermarket states, although Section 75 of the Consumer Credit Act required credit cards to provide protection on any purchases that are made above £100 and below £30,000, this is only applicable to purchases where there is a direct transaction from you, the credit card supplier, and the supplier. If this chain is broken at any point, such as by a third party, then the purchase may not be covered. Such third parties include travel agents or a third-party payment processor.
If the employee has personal travel insurance, why is business travel insurance necessary?
Personal travel insurance is obviously great, but business travel insurance is tailored fully to your intended trip. For example, business travel insurance can come with the following:
- Cover for business equipment, such as laptops.
- If an employee is not able to attend a meeting or conference, the business travel insurance can cover for another colleague to be flown out as a replacement attendee.
- Cover for business money. If large amounts of the company’s money needs to be taken on the trip, business insurance cover can cover for it being lost or stolen.
So, business travel insurance can realistically cover further business-specific elements in addition to medical cover and cancellations in travel. Make sure you check all your policy details between different insurance provider.
Travel insurance’s benefits are clear, especially if your employees are frequently travelling for work reasons. The benefits of business travel insurance are clear, particularly if you have employees who frequently travel for work reasons.
Sources:
https://www.simplybusiness.co.uk/insurance/faq/what-does-employers-liability-insurance-cover/
https://www.bluefinprofessions.co.uk/home/blog/2017/business-travel-are-your-employees-covered-while-they-are-working-abroad/#.W2G7DmRKglJ
https://www.pmihealthgroup.co.uk/business/advice-centre1/advice-and-top-tips/sending-staff-abroad-10-things-to-know-before-they-go/
https://www.telegraph.co.uk/financial-services/insurance/travel-insurance-online/business-travel-insurance-guide/
https://www.corptraveller.co.uk/resources/blog/duty-care-business-travel
https://www.dynamicbusiness.com.au/travel/how-to-disaster-proof-your-business-trip.html
https://www.myadventuresacrosstheworld.com/7-tips-for-business-travel/
https://www.nhs.uk/NHSEngland/Healthcareabroad/EHIC/Pages/about-the-ehic.aspx
https://www.moneysupermarket.com/credit-cards/guide-to-credit-card-protection/
http://www.bytestart.co.uk/business-insurance-must-have.html