Would Your Employees Be Protected in the Event of a Business Travel Accident?

Posted on: October 21, 2019 by iSure

Are your employees properly protected if a travel incident occurred? Travel accident insurance is a specialized type of group life insurance travel plan. To put it simply, it acts as life insurance and insurance against accidental death and dismemberment in the event of a travel accident. The benefits are paid regardless of whether the traveler has other life insurance and AD&D coverage. Specifically, travel accident insurance plans limit their coverage to the following:

  • Accidental Death and Dismemberment
  • Emergency Evacuation
  • Repatriation
  • 24/7 Travel Assistance Services

Some travel accident insurance plans may include a small amount of coverage for emergency medical expenses. A few plans allow the traveler a maximum benefits range to choose from and several are designed specifically for the frequent business traveler and include coverage for non-medical emergency evacuations. With this group life insurance plan, you are also protecting the company against unexpected expenses that the company is responsible for in the event that the traveling employee falls sick or gets into an accident. Your employees are your most valuable asset and you would want to protect that asset.

The policy may cover:

  • Occupational hazards similar to on-the-job coverage
  • Owned aircraft coverage for corporate aircraft travel Theft or cyber liability in the case of lost company information
  • Kidnap and ransom for high-level executives
  • Delayed or damaged baggage coverage in case valuable information does not make the trip

Travelers that Need Coverage 

Travel accident insurance is specialized insurance to cover a specific need such as the loss of life or limb. It is ideal term life and AD&D coverage for business firms who may want to offset the loss of a key employee for instance. Other travelers who commonly purchase travel accident insurance include war correspondents, journalists, government employees, frequent business travelers and missionary and aid workers.

If the insured traveler was to die on their trip or become significantly injured, their beneficiaries or the traveler would receive the benefit of this plan to assist with the associated expenses. 

Exclusions

It is important to note that there are some exclusions that apply to these plans so be sure to clearly understand your policy. Some travel accident insurance plans limit the death benefits to flight accidents only, while other group life insurance travel accident plans may place limits on where the traveler can travel to remain covered. Specific countries and territories should be noted in the policy. Most travel plans require the traveler to be at least 100 miles from home before the coverage is in effect. You will need to consult with your group life insurance agent to determine what coverage is right for you and your employees

About iSure Insurance Brokers

After serving leaders in the Greater Miami market for more than three decades, iSure Insurance Brokers has become the provider of choice for discerning commercial clients and individuals alike. Because no two insurance programs are or should be alike, you can be sure that iSure will craft a comprehensive approach to protection that is as unique as you are. We welcome the opportunity to protect what you have worked so hard to build. Please contact us at (305) 223-2533 to learn more about what we can offer you.

Posted in: Blog Employee Benefits