Do You Need Group Travel Insurance?
You may have done all the calculations around purchasing a policy to cover an expensive leisure trip you’ll be taking, but should you be thinking more broadly about buying a travel policy to cover the people you employ?
Vice President of Employee Benefits for Chubb Accident & Health Dominick Zenzola describes the changing nature of group travel insurance. “The first policies covered a very specific set of people who were flying on planes,” he says. But travelers’ needs expanded, and some of the most valuable benefits a travel policy provides are emergency medical coverage for people traveling for work, including transportation to the nearest hospital and even medical evacuation.
Plus, Zenzola says, security concerns are something all employers should consider. “Terrorist events can break out anywhere. The types of service that group travel policies offer include an armored car that can pick travelers up and evacuate them to an airport safely out of harm's way.”
Chubb’s Business Travel Accident policy (BTA 360) is customizable: business managers can choose from 24-hour business-only travel or add-on coverage for additional days of non-work travel. And group administrators can also add benefits like travel assistance services, lost/damaged/delayed baggage, out-of-country medical expenses, war risk coverage and medical evacuation and repatriation.
But, he explains, your employees don’t need to be committed road warriors to benefit from a travel policy. “Everyone has some travel exposure. For instance, companies might have 100 salespeople who don’t leave the country, but they travel locally or drive company cars. They might not need medical evacuation coverage, but commutation insurance that covers them to and from work each day may provide a major benefit at a relatively low cost. Group policies, because they cover a high volume of individuals, are often priced at a fraction of the cost per person.” Rather than buy a one-time policy for each person, per trip, a group policy often covers an approximate number of employees on an annual basis—up to a three-year term.
If you’re a business owner or group plan decision maker and would like to know more, contact a Chubb representative or get more details on the group travel insurance portion of Chubb.com.