Like so many things, business travel is now back on the cards since most countries have re-opened their borders after the easing of COVID restrictions. But if youâre heading away for work, itâs important to make sure your insurance covers you if fall ill before or after you take off.
Letâs say you run an import business and you want to travel to India to see your suppliers. Youâve booked your flights and accommodation and youâre ready to leave. But a few days before youâre due to go, you test positive for COVID. Aside from the inconvenience, you want to ensure you have the right corporate travel insurance policy in place so youâre not out of pocket for your travel costs.
âMost corporate travel policies provide some form of COVID insurance cover for medical expenses if you contract the corona virus overseas and also for cancellation costs if you get COVID and it stops you from travelling,â says Steadfast Broker Support Manager John Clark.
Itâs important to understand how the policy will respond if you contract COVID overseas and are required to self-isolate, for instance in in a hotel, serviced apartment or other rented premises.
âThose costs typically wonât be covered by the medical expenses section of the policy. So, make sure your policy covers expenses incurred as a result of contracting COVID that are not medical expenses, such as missed flights. Travel costs are volatile right now and re-booking cancelled flights may cost substantially more than the original booking. So make sure your policy covers this cost,â says Clark.
âItâs important to understand how the policy will respond if you contract COVID overseas and are required to self-isolate, for instance in in a hotel, serviced apartment or other rented premisesâ
âItâs quite possible to incur hundreds of thousands of dollars in expenses if youâre hospitalised overseas after a car accident, break your leg or fall seriously ill, especially in the US. So make sure your policy includes cover for a large amount for medical expenses, hospital admission and medical evacuation,â he recommends.
Clark says the relevant consideration for business travellers is to ensure their corporate travel policy has sufficient cover for medical and hospital expenses overseas, and not just for COVID. You also may want to make sure youâre covered if you canât travel because you are a close contact and have been required to isolate or if your business travel partner canât travel because of COVID and you are consequently forced to change your travel plans.
Whatâs key is to read the policy fine print so you truly understand what it covers before you need the insurance. Itâs also essential to know the limits of the policy and its exclusions, as well as whether you are still covered should your trip be extended.
Post-COVID work travel considerations
There is a number of other considerations business travellers need to make before embarking. Itâs vital you understand the COVID testing rules in the country to which you are travelling, as well as your airlineâs rules, and comply with them.
Itâs also essential to check the federal governmentâs Smartraveller site before you go. Most insurance policies wonât cover you if the governmentâs alert level for the country to which you are travelling has escalated to âdo not travelâ. If the alert level has risen, itâs wise to reconsider your plans. Policies will also typically not respond if authorities change or instigate rules such as lockdowns that prevent you from travelling.
Your Steadfast broker can help you to choose the right corporate travel policy for you. Talk to us today to find out more.
Important notice â Steadfast Group Limited ABN 98 073 659 677 and Steadfast Network Brokers
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content.