International partnerships and cross-border projects are familiar customs for modern working professionals within the ever-evolving global business ecosystem. For a growing number of people, work and travel go hand in hand, so travel insurance continues to be a staple feature in many group benefits plans.
Travel insurance is a necessity to protect your employees
International travel comprises an essential factor in the working lives of many professionals today. Therefore, employers are strongly obliged to consider the many implications that may arise with frequent travel in order to ensure that employees are equipped with sufficient coverage and peace of mind.
Companies whose employees work internationally are responsible for providing adequate protection against unforeseen travel risks like injuries, accidents, health emergencies, or trip interruptions and cancellations. Insurance that travels with employees enables them to represent their organization and perform with confidence and clarity effectively.
The benefits of travel insurance for your team
The benefit of travel insurance is especially fitting for Canadian companies with foreign employees who frequently or periodically travel to Canada or elsewhere for training, meetings, or conferences. Access to travel-related benefits that extend to employees and their families is a powerful tool for companies to leverage when seeking new talent from around the globe. With Canada’s new Digital Nomad Visa attracting a large pool of talented foreign workers, travel-related costs and concerns are a greater consideration for employees, which savvy businesses can address through a robust travel benefits offering.
Adding a valuable added layer of protection.
It may seem that business travel insurance is redundant or not entirely necessary for workers with access to other insurance coverage variations. Indeed, ordinary benefits plans offer a good deal of coverage – but the distinct advantage of a travel insurance plan leaves nothing to chance with the unique and costly elements of business travel. Travel insurance that covers international medical expenses, baggage loss, and travel delay costs like hotel stays, meals, and additional flights affords travelling workers an added layer of protection that eases the toll of travel misadventure. Some examples of business travel insurance benefits include:
- Emergency Medical Treatment
Coverage for physicians, nursing, hospital services, ambulance, diagnostic imaging, prescription medication, and medical appliances.
- Trip Protection.
Coverage for trip cancellation or interruption caused by unexpected or unforeseen events or disasters which impede your ability to depart or return to your destination.
- Accidental Death and Dismemberment.
Coverage for loss of life, limb, or sight due to a travel accident.
- Lost or Stolen Prescription Drugs.
Coverage to replace lost, stolen, or destroyed essential prescription drugs.
Travel benefits attract top-tier talent.
Companies that offer comprehensive benefits plans are favourably positioned to attract and retain top-quality professionals for their organization. In this tight labour market, details make a difference and offering travel insurance as part of your employee benefits plan gives you a distinct edge over industry competitors. The availability of business travel insurance puts companies, foreign workers, and travelling employees in the most opportune position to manage unexpected travel mishaps.