With Vaccinated Travel Lanes (VTL) implemented for Singapore residents, it has felt like the world has finally opened up for us. Travel to many countries is now available to us without having to quarantine. Over the holiday period, most of the travel was for leisure or for reuniting with families after two years. As we progress in the year and as more countries are added to the VTL list, more and more business trips will be undertaken.
Group Business Travel Insurance is now a policy on the radar of management, especially because of the risks of contracting COVID-19 whilst abroad. So, what exactly is covered in a business travel insurance policy and specifically to COVID-19?
Travel insurance is usually broken down into the following sections of cover:
- Medical: covering hospitalisation and medical expenses incurred overseas.
- Evacuation & repatriation: expenses related to emergency medical evacuation and the repatriation costs for returning your mortal remains back home.
- Personal accident: pay out in case of accidental death or permanent disablement.
- Travel inconvenience: covering trip cancellation expenses, trip curtailment and rearrangement expenses, travel delay, baggage delay etc.
Travel Insurance policies generally have had an exclusion in regard to pandemics. However, more insurers are now covering COVID-19 related claims. The main section of cover applicable to COVID-19 is medical expenses, obviously to pay for medical treatment including hospitalisation and doctor consultation fees. Another key benefit applicable to COVID-19 falls under the Travel Inconvenience section. Predeparture COVID-19 testing is a prerequisite to come back into Singapore. Those who test positive must self-isolate for a period of time before boarding the flight to come back into Singapore. This can result in rearrangement expenses for longer accommodation stays. Insurance is helpful in compensating you for the extra costs incurred as a result of contracting the virus.
If business travel is on the horizon for your company, it is probably worthwhile looking into taking out a group business travel policy. Most insurers require a minimum of two employees to be eligible for a group plan, and if you have more than five employees, the policy is usually underwritten on an unnamed basis. Insurers generally have two sets of pricing, one for regional APAC trips and one that includes worldwide trips. If your business trips are limited to the APAC region, that could be a way to save on the insurance premium.
It's exciting that we can travel more freely again and can finally have face to face business meetings with clients, partners and others abroad. As things start to feel a little more normal again and as business activities pick up, employers have the responsibility to ensure their team members are protected whilst on business travel. A group business travel insurance policy is an easy way to provide that duty of care to your team.
Get in touch with us if you want to discuss how Anapi can support your team as you start business travel again.
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