Two years ago, my parents had to cancel their holiday a week before travelling because of illness. Luckily, they had an annual Personal Travel policy, so they made a hassle-free and successful claim. At least they got their money back, even if they did miss out on a holiday.
A Personal Travel policy is ideal for the individual traveller. But some businesses are known to rely on these policies, as they can be extended to cover their ‘clerical’ directors and employees. However, the events covered are very defined, and that could be a big risk.
For example, suppose you booked a trip to a French supplier with two of your employees. The flights and accommodation are all paid for. Then your supplier calls to say they had a factory fire and need to cancel your visit. Under a Personal Travel policy, this event would not be covered for your business. You would have lost that money.
Annual Business Travel policy
Instead, businesses need an Annual Business Travel policy. Covering all travelling directors and employees with only a few exclusions, benefits of an Annual Business Travel policy include:
• Baggage claim settlement on a replacement as new basis (unless the item can be economically repaired). That includes lost laptops, too. Whereas under a Personal Travel policy, the insurer deducts an item for wear and tear depending on its age, so there could be a significant shortfall.
• Pre-Existing Medical Conditions included. Underwriters accept that there could be hundreds of employees under a policy – some with medical conditions, some not. Whereas Personal Travel policies are notorious for excluding pre-existing medical conditions or charging a high additional premium to include them.
• An excellent added bonus with some policies is that holiday cover for directors and their accompanying families is free.
Ideally, combine the Annual Business Travel policy cover with Group Personal Accident to protect your employees 24/7 – read more about that here.
Need some information on to protect your business whilst you’re on your travels? Then do get in touch.