Why your employees need specialist travel insurance

RSC070 Why your employees need specialist travel Insurance (1) By 2030, the global business travel insurance market is projected to reach over $20 billion with predicted compound annual growth of 19% between now and then. This will likely be due to rapid increases in domestic and international business travel as, once more, industries fully harness the advantages of doing business in person — whether it’s for material purchases, mergers and acquisitions (M&A), client meetings, sector learnings, or company growth.

And since the number of employees traveling for work is on the up, the chances of flight cancellations, employee accidents, baggage loss, and other travel issues are on the rise too. Demand for business travel insurance is stronger than ever. In fact, research shows the multi-trip travel insurance segment (covering more than one trip a year) has already eclipsed single-trip travel insurance by market share, likely because of corporate travelers.

But why is it so important to insure traveling employees? And is there a difference between general travel insurance and specialist travel insurance?

__5 reasons why your employees need specialist travel insurance __

While general travel insurance, such as Airbnb’s AirCover, is useful for those on leisure trips, business travelers require insurance that’s tailored specifically to their needs. Here are a few examples of why that is…

Emergency medical needs: Employees can suffer from medical emergencies or accidents any place any time, and business trips aren’t an exception to this. It’s, therefore, vital to have adequate insurance in place. And since you have a duty of care to ensure the safety of your employees while they’re traveling for work, it’s your responsibility to set them up with access to healthcare at the destination.

For those who have pre-existing medical conditions, specifying their individual needs in their business insurance coverage can help to ease worries employees have about traveling for work. If they need further reassurance, choose corporate housing close to local health facilities, so employees don’t have to worry about finding their way around a new destination if they need help.

__Unforeseen circumstances: __

Ensuring your employees and any of their guests, such as family members, who visit the booked accommodation are covered for unforeseen circumstances can be the difference between a delightful and a negative experience. Accidents happen; items get broken, children fall over and injure themselves, there’s a fire, but who is responsible? Determining this in the aftermath of an incident can be stressful and possibly costly for your business. That’s why at 3Sixty, we’ve covered all of our corporate accommodations with liability insurance of up to $1 million per stay — so you can have peace of mind that you’re protected.

Cancellations and interruptions: The travel scene has proven to be rather unpredictable in recent years. Whether it’s travel restrictions, canceled events, or last-minute changes to business meetings, sudden shifts in travel plans can leave companies without business travel insurance heavily out of pocket. While cancellation policies do require a non-refundable fee, these charges are often minor in comparison to the losses in the event of a canceled trip.

The same goes for interruption insurance, which applies while an employee is already on a business trip and covers instances such as extreme weather conditions, the death of a loved one, natural disasters, and even company-related issues such as bankruptcy or mergers and acquisitions (M&As).

Travel delays: Unexpected delays can completely disrupt an employee's business travel schedule. Unfortunately, though, such occurrences can’t be helped or even planned for. It’s imperative your business travelers have a robust insurance policy in place to ease any stress and inconvenience caused by travel delays. The right policy will provide business travelers with meals and accommodation in severe situations where delays are lengthy.

Specialist cover can also help to lessen the impact of travel delays on the business. For example, if an employee is unable to attend an important client meeting because of travel delays, the insurance company will cover the costs of sending out a replacement employee (i.e., a colleague who’s nearby or is able to fly in from another airport).

Loss or damage: Another factor beyond your control during business travel is the loss or damage to employee and company property. While general travel insurance tends to cover some of these expenses (up to a certain threshold), those on business trips could be carrying valuable business equipment. In these circumstances it’s in your best interest to set up specialist business insurance if you don’t want to make a considerable loss when things go wrong.

But what about damage to corporate accommodation? Or loss of a key fob? Whether it’s a broken plate or more serious damage, figuring out who is liable for covering the costs can cast negativity over a guest’s corporate stay experience. At 3Sixty all of our properties are covered by a damage waiver clause, so in most circumstances you can rest assured that there will be no charge to your business for corporate accommodation damages.

Business insurance checklist

  • Does your cover extend to all required international destinations?
  • Can you specify and cover all employee medical needs?
  • Are last-minute cancellations and trip interruptions covered?
  • What compensation and special arrangements does the insurer offer in the event of major travel delays?
  • Is your loss/damage cover enough for your requirements?

Having the right insurance for traveling employees is essential for their health and the wellbeing of the company. While general insurance takes the edge off of unexpected circumstances, specialist business travel insurance can offer real support in uncertain times.


3Sixty is the business travel industry’s most secure and intuitive accommodation platform. Our online booking tool has over one million quality accommodations around the world, including serviced apartments, short-term rentals, hotels, aparthotels, and condos.

We’ve addressed one of the industry’s largest pain points: travelers insurance. 3Sixty has connected with an insurance provider to ensure all of our accommodations are covered.

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