Reasons To Purchase Group Travel Insurance for Your Business
Business trips are common in various industries, from client meetings, seminars to business conferences. Each trip typically consists of a group of employees travelling together or different employees travelling at different times. Business travel, like any other trip, involves risks.
The best solution to travel risks is travel insurance, a policy that offers a safety net when things go wrong during the travelling or at the destination. However, purchasing a group travel insurance package may be better when a business has several employees that travel.
Group travel insurance has various benefits and reasons to purchase over multiple individual travel insurance policies. Hence the article will highlight the reasons to buy group travel insurance for business.
What is Group Travel Insurance?
When businesses send employees to different locations, anything could go wrong, from flight cancellations to medical injuries.
Group travel insurance is a policy that covers multiple people from the financial loss of travel risks, such as cancellations, medical emergencies, and lost luggage. The insurance is perfect for business trips or family travel.
Business travel risks can lead to significant financial losses and stress, especially when a group is affected. However, with insurance, the solution is one claim away, and financial loss is substantially reduced.
Insurers can customise the group policy as a single trip or annual travel insurance cover. As a result, the policy is the perfect protection for employees who often travel for work or a single business group trip.
Reasons To Purchase Group Travel Insurance
More People, the Higher Chance of Travel Risks
When travelling individually, there are chances of travel risks and accidents – however, when travelling as a group, the chances are much higher. These risks could affect every member (flight cancellations) or a single member (medical injury or bag loss).
The business is liable for employee safety and travel costs while on the business trip. Each member needs to be protected by travel insurance to cover any travel risks. Therefore, the best cover is group travel insurance, where each employee will be under the same policy.
Group protection will help companies deal with travel incidents even if one employee has lost their luggage. In addition, the insurance will help businesses deal with financial loss from minor to major travel risks.
Every Member Is Covered Medically Overseas
Most employee medical insurance will not cover overseas medical emergencies or injuries. Thankfully travel insurance does cover medical emergency treatments during business travel and medical emergency evacuation.
The group travel insurance will ensure the insurance’s medical coverage protects each policy member. Medical emergencies abroad can happen at any point, no matter the purpose of the trip. Additionally, travel insurance in Hong Kong provides a 24/7 hotline that employees can call to enquire about the nearest trustworthy hospital or coverage details.
Hence, each travelling employee must understand the insurance coverage and have the insurance hotline number.
Group Annual Coverage
There are points companies send employees individually to different locations for business meetings. The multiple trips could be all year-round and not have a specific schedule. These businesses can purchase annual group travel insurance.
Annual group travel insurance is perfect for multiple trips as long the travelling employee is added to the policy. A company can even add all their employees to the policy to ensure each trip is covered.
This type of policy is a great benefit for industries that require constant travelling and meeting clients internationally. For example, sales representatives, media, event planners, consultants, etc.
Filling out any insurance form takes time and effort. Now imagine filling out a form every time an employee needs to travel or ten individual forms. Group travel insurance is more convenient and saves time as all members will be under one policy. Hence the insurance form needs to be completed only once at the start of the year or before the group trip.
The group policy saves time filling out the form and also making a claim. For example, if employees have purchased separate travel insurance and all miss the same flight. The HR manager will have to make individual claims for each employee. On the other hand, group travel insurance can be claimed through one submission.
Having group travel insurance is one of the best travel investments for companies to save thousands of dollars when things, unfortunately, go wrong.
While a group travel insurance saves time, it also saves money. A group policy can be much cheaper than multiple individual travel insurance. Businesses can even get a discount if they insure a large number of employees and purchase an annual package.
Having group travel cover can be a great relief during unexpected situations. It’s always better to be safe than sorry, as companies never know when they might need it.