Travel insurance will help cover costs incurred when problems arise. This includes:
- Lost luggage
- Damage to equipment
- Medical expenses for the employee
- Motor vehicle accidents
- Trip cancellation expenses
Without travel insurance, your company could end up paying for replacing equipment the employee took with him on the trip or for a car accident that the employee might be responsible for causing. Travel insurance helps offset these unplanned expenses and covers your company's liability if necessary.
You can set-up your travel insurance policy to cover a single trip or you can negotiate a multi-trip policy if your business has employees travelling frequently to visit clients or to go to satellite offices or manufacturing plants to oversee operations. Part of your company's responsibility in controlling costs is to insure your travelling employees so your budget won't be compromised by unforeseen problems.
If your company has a corporate travel management company overseeing your travel and expenses, they will handle negotiating a travel insurance policy for your company and handle any claims that are made when your employee has any problems on his trip. Travelling without a good insurance policy can cost your company much more than any travel insurance costs you may incur.