Business Travel Coverage Expands Globally

Insurance policies have emerged covering everything from luggage retrieval to extraction from hot spots

businessman in airportAs economies grow ever more connected across international borders, business travel has increasingly become a global endeavor for companies of all sizes.

Consequently, as more employees are sent traveling to more destinations to check on factory operations or seal deals in remote, emerging markets, the possibility of something happening to a business traveler also increases.

Calling in the ‘boots on the ground’

In response to companies’ growing need to mitigate their business-travel exposures, the insurance industry has stepped in with a wide array of coverage and tools to handle nearly every situation imaginable, “from the mundane to the severe,” says Scott Adamski, vice president of travel service for Travel Guard, a unit of Chartis.

Mitigating potentially expensive nuisances

While the above situations present the highest severity claims for insurers (imagine the expense of an evacuation), the highest-frequency claims involve more “nuisance-type situations”—but ones that can still cost companies serious money and time.

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Originally published on PropertyCasualty360. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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