2020 was not the year for travel. Tourism ground to complete halt as a result of COVID-19 and, for Victorians especially, the furthest we made it at times was the local park. On top of this, many businesses were trying to stay afloat, cutting costs where they could to free up cash flow. It’s no wonder that we saw a number of business owners cancel their corporate travel insurance policies.
With business opening back up and borders open for interstate travel, life is slowly returning to some kind of normal. This means that a lot of us can again turn our attention to planning trips and holidays over the Christmas break. And with the Victorian Government offering amazing incentives on rural and regional tourism, now really is a good time to book in that long-awaited (and very well deserved!) holiday.
In more good news, if you run your own business or are a director, officer or senior staff member, there’s a strong chance your corporate travel insurance will cover your personal travel. This means you won’t need to purchase additional travel insurance and can go on holidays with the peace of mind that you’re covered for any loss or damage to your property, plus a range of other benefits.
What trips does Corporate Travel Insurance cover you for?
Corporate Travel Insurance is not just for business trips. As a company director, chief executive officer, chief financial officer, chief operating officer, company secretary or general manager, you and your accompanying spouse/partner and/or dependent child/children are all automatically covered for leisure trips.
Corporate Travel Insurance isn’t just for overseas trips either. Cover is provided for any trip that takes you more than 50km from your home or workplace. This includes regional locations like Bendigo, Ballarat and Bright, and even Geelong, Rosebud and Phillip Island are more than 50km from the Melbourne CBD.
Does Corporate Travel Insurance cover loss or damage to your property?
Some of the most frequent claims we see in relation to our Corporate Travel Insurance policies are for the loss, damage or theft of baggage, portable electronic equipment and money. You can claim up to $10,000 for baggage, up to $5,000 for portable electronic equipment (phones, laptops, etc.) and up to $3,000 for money and travel documents. You can even claim the cost of emergency items up to $3,000 if you’re without your luggage for over 8 hours, in the unfortunate event that the airline sends your bags on a little holiday of their own.
What about if I have an accident in my rental vehicle?
We also see a lot of successful claims when it comes to the Rental Vehicle Excess Waiver. This waiver allows you to take out the lowest level of insurance when renting a vehicle and in the event of a claim, the insurer will pay up to $5,000 toward the rental vehicle excess and $200 towards the administration costs.
Is personal liability covered under Corporate Travel Insurance?
Personal liability claims are rare but costly when they occur. If there is an accident while you’re on holidays and you become legally liable to pay damages for third party bodily injury or property damage, your insurance policy will pay up to $5,000,000 to cover these costs. It’s always a huge relief during stressful events to know that you have the right insurance in place.
How do you get the right Corporate Travel Insurance in place?
If you don’t have Corporate Travel Insurance in place or you cancelled it during the COVID lockdown period, now is a great time to revisit your options. Not only will you have peace of mind in knowing that your employees are covered while on current or future business trips, but you’ll also receive the additional benefit of coverage while you’re enjoying your summer holidays with friends and family.
Note that COVID-19 is now deemed a known event and no travel insurance policy will pay for the loss of deposit, cancellation, or mandatory quarantine costs incurred due to a COVID-19 outbreak. Our General Insurance team would be happy to advise you on the best options for you and your business.
Please get in touch with BlueRock’s General Insurance team for an obligation-free quote on Corporate Travel Insurance or to talk through your insurance needs.