How Can Business Travel Accident Insurance Polices Help Organizations Promote Employee Engagement?

14 Feb
2024

 
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Highlights:

  • Introduction
  • Various business travel accident insurance coverage plans
  • Reasons for choosing these beneficial insurance policies
  • Regional analysis of the sector and important service launches

Over the past few years, many organizations have emphasized their employee’s safety and well-being while traveling for official work. Companies have started offering comprehensive risk management policies, including wide business travel accident insurance coverage, irrespective of travel destinations. Business travel accident insurance is a type of corporate travel insurance that offers coverage to individuals in case of any accidents during their business trips. Such type of insurance provides coverage for accidental death of travelers and covers non-health emergencies such as natural disasters, terrorism, or abduction. These days, many corporations have carried out programs to make employees aware of the schemes of this type of insurance so that employees can undertake business trips without any stress. In this article, we will discuss how such insurance policies can help organizations build robust employee relationships and enhance their performance.

The latest business travel accident insurance plans that businesses should look into  

These corporate insurance policies mostly provide coverage to employees when they experience major health issues, accidents or they undergo uncertain death during their business trip. These policies give compensation for such losses. However, the amount of compensation can be some percentage or whole of the principal amount depending on the type of loss. Different policies include some specific losses that they cover after incidents. Such losses include death, loss of speech or hearing, loss of any combination of limbs – hands or legs, complete or partial blindness, and different category of paralysis such as paraplegia, hemiplegia, quadriplegia, and monoplegia.

If employees are far away from their home, for example, say, 100 miles, and they need to be evacuated due to a crisis, they will receive compensation in such cases. The crisis can be social such as a terrorist attack, or political riots, or can be an unpredicted mass protest. Furthermore, these insurance policies also have plans for offering coverage for physical therapy and rehabilitation of employees. Such policy extensions come under the accidental dismemberment benefit. If an employee suffers from temporary or permanent physical injuries to their limbs, they can avail themselves of coverage for physical therapy required for recovery.

Moreover, the insurance policies also offer plans to cover various psychological counseling and trauma therapy for the immediate family members of an employee in case he dies during his business trip. Under these policies, the family members can get a fixed number of sessions within a defined period to overcome such a huge loss.  Sometimes, employees used to carry their own vehicles on short-distance business trips. In such cases, the policies also offer to bear regular expenses such as fuel charges or any such wear and tear of the vehicle. In addition, if during this trip, an accident happens, and the vehicle undergoes severe damage, the insurance plans can support employees financially in the vehicle alteration process.

Why are companies opting for business travel accident insurance policies?

Along with providing several beneficial coverages for employees, these insurance policies can help organizations in numerous other ways. These days, companies are willing to purchase such coverage plans for their employees to ensure utmost safety and security. These insurance plans offer broader coverage for their employees for all modes of transportation besides air travel. In addition, they help companies to offer customizable insurance plans to fulfill their specific needs of businesses. Such tailored services include overseas hospital expenses, ambulance benefits, and many more. Moreover, these insurance policies can offer superior coverage compared to Worker’s Compensation Policies by providing huge compensations for on-the-job accidents. Such policies can also help enhance organizations’ risk management programs by offering personalized coverage for employees’ personal loss such as vehicle damage, coverage for travel inconvenience, psychological counseling, and many others. In this way, these insurance policies can help organizations protect their employees from a myriad of uncertainties during domestic as well as international business travels.

A ray on the dynamic expansion and key solutions in the sector

The business travel accident insurance industry is evaluated across several regions including Asia-Pacific, North America, Europe, and LAMEA. Among all regions, Europe is predicted to continue steady growth in the coming years because of the rising emphasis on corporate responsibility across the region. However, based on country-wise analysis, India is anticipated to manifest the fastest CAGR of 30.6% during 2023-2032. To maintain the competitiveness of the industry, many leading players have made profitable alliances, mergers, collaborations, and acquisitions, and come up with beneficial products. For instance, Zurich American Insurance Company, a leading risk management and commercial insurance company in Zurich introduced an enhanced business travel accident insurance solution that could help employers offer customizable coverages that include emergency overseas medical care, travel inconvenience, and medical and security evacuation.

On the other hand, Everest Insurance, the global leader in providing best-in-class property, casualty, and specialty reinsurance and insurance solutions unveiled its latest offering, Everest Business Travel Accident Insurance. With this launch, the company aimed to expand its accident and health portfolio by offering a comprehensive solution that combines insurance protection with a wide variety of essential services including travel, medical, and security assistance services.

To conclude, the increase in global business travel will continue to propel the growth of the domain in the coming years. Moreover, the growing emphasis on employees’ well-being at the corporation place will create immense opportunities for the sector in the future.

To identify and mitigate risks associated with investments in the business travel accident insurance industry, feel free to talk to our industry experts today! They can also help you develop new business strategies and initiatives.

 
Rosy Behera

Rosy Behera

Author's Bio- Rosy Behera holds a bachelor’s degree in Electrical and Electronics Engineering and now she is a content writer by profession. She loves to portray her thoughts and ideas with a nice command of words. Grabbing an audience with her creative write-ups is one of her biggest assets so far. Apart from writing, she is a certified “Odisi” dancer and has done Gardharva in Drawing, Painting, and Arts. She always explores new things through travel and is a big foodie.

 
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