Your staff has their flight and hotel bookings, passports, business visas, and comprehensive itineraries ready for your company’s business retreat. However, one crucial component that may safeguard both your passengers and your company is business travel insurance. 

Business travel insurance is intended to cover situations that occur while on the road for work. This coverage encompasses a variety of company needs, such as medical and liability. Another alternative is to select the coverage choices that are most suited to your specific company needs.

Available Coverage Options

Let’s say you want to treat your staff to a guided fishing trip from Outdoor Solutions. Having insurance for your business retreat can ensure everyone on the trip is kept safe. 

Here are the most common coverage options business owners use: 

Business Liability Insurance

Examine your company’s general liability insurance policy to see what kind of coverage it provides for business travel. 

Travel assistance insurance and overseas travel liability are frequently included in business travel contracts. Both of these policies can be used to enhance your company’s current liability coverage and provide added security for your business travels.

Cancellation Insurance

If you need to cancel a booked retreat or return home sooner than expected, this insurance covers the portion of the trip you have not yet completed. 

Medical Insurance

This option covers medical charges while on the road. It can be used to enhance existing health insurance if something isn’t covered by medical expenses while traveling.

Evacuation Insurance

Evacuation insurance covers the cost and arrangements for transportation to an area free of civil disturbance or where you can get adequate medical treatment in the event of a medical emergency. 

Baggage and Personal Item Coverage

This type of coverage provides refunds for baggage and other personal items that have been stolen, damaged, or misplaced.

Policy Benefits

Various insurance companies have multiple policy features, but there are a few common ones that are offered across the board. 

You might want to search for the following when comparing rates:

  • How many people the insurance covers
  • If benefits are fixed or based on job category or salary
  • What locations the insurance covers
  • How many hours or days the insurance lasts

Talk with an insurance agent to know exactly what’s available in a plan.

Cost of Insurance for a Business Retreat 

Business travel insurance costs vary greatly based on the ages of the travelers and the amount of coverage selected. The cost of a comprehensive policy typically ranges from 5% to 12% of the total cost of the retreat. 

Request recommendations from your current providers or business network while researching business travel insurance. Business travel insurance can give the peace of mind necessary for a productive trip, in addition to guaranteeing that your employees, colleagues, and company are covered wherever your personnel goes.

By Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to [email protected].