November 2018
Anecdotal evidence suggests that business travel can often fall outside existing risk monitoring and may even be non-existent if an employee travels outside their company’s global mobility programme.
Yet as cross-border travel remains part of normal life for many employees, it’s important for employers to have in place a programme to ensure that their employees are protected when travelling on behalf of their employer, says Roland Raad, Global PA & BTA Director at GEB.
Make it easy to travel
Business Travel Accident Insurance helps give vital peace of mind to all employees on short-term travel for business
It offers a wide range of covers such as delay of luggage and flights; accidental death; permanent, total or partial disability in case of accident; over 30 assistance services, including medical expenses cover for emergency treatment, evacuation and repatriation. The consequence of personal liability during a business trip is also included in this pack of cover.
What to watch out for
There are many insurance solutions on the market so how should employers assess the best option for their needs?
Firstly, simplicity is key. The amount of regulation around the world is increasing and very different from one country to the next. This, coupled with the demand from employers for more consistent and integrated benefits solutions ensures that only the most straightforward, easy-to-understand and easy-to-buy solutions are appropriate.
On that note, it’s worth considering the economies of scale and convenience gained from using one provider for a company’s global insurance needs: medical insurance, long-term disability, life assurance, and business travel and assistance.
Joined-up solution.
Also, buying an integrated solution – as opposed to insurance products purchased in silos – fits with the way overseas assignments are arranged and managed these days. The reason that many employees end up making their own arrangements is that the finer detail can often be left until the last minute. Being able to call one company to arrange all aspects of cover brings extensive benefits.
Finally, partnering with one provider also ensures that there’s no duplication of cover, thus helping to ensure the best price and keeping administration to a minimum. For example, cover for emergency medical treatment, including evacuation and repatriation, can be included on both international medical insurance and business travel cover.
Experienced providers and consultants will ensure a programme tailored to business needs of small and large multinationals, with any duplication stripped out, and all risks factored in.
By leveraging on the global insurance capabilities of the Generali Group and the assistance services of Europ Assistance, we offer Generali Global Travel Protection, an innovative and integrated business travel accident and assistance solution. This effectively extends upon Generali’s global insurance, health, wellness and risk management capabilities to provide a complete platform to employers.
Also, watch out for our new additions over the coming months, including: apps; e-claims; and e-insurance certificates.