The aspects Collinson Group says companies and their insurers should consider in order to ensure their business travel policy can offer appropriate protection to travellers are, first, mitigating against overriding risks. “A specific area that augments cover is the provision of information portals, tracking and risk alerts – whether this is through smartphone apps or online tools – to ensure foreseeable travel risks can be mitigated up front but also enable assistance to be delivered quickly and efficiently to those caught up in a specific event as traveller exposure can be readily monitored,” the Group explains.
Collinson Group also recommends ensuring exclusions and excesses are kept to a minimum, establishing information sharing networks, being aware of the threat of kidnap and considering extending kidnap protection and ransom cover, ensuring medical cover is fit for geographical purpose, ensuring access to timely legal assistance and providing clear guidelines on corporate travel policy for leisure.
“The days of simply buying a general business travel accident policy without overlaying company travel patterns and exposure within a corporate travel framework are long gone – and any company that still takes this approach needs to urgently re-evaluate their risk management approach,” said Randall Gordon-Duff, head of product, Corporate Travel, Collinson Group.
According to Gordon-Duff, companies need to take a proactive stance by building specific travel risk guidance and procedures around their insurance cover and actively look to protect their staff against these risks by ensuring more is done in both the breadth of insurance cover and the provision of proactive rather than reactive assistance. “Insurance companies are increasingly working with assistance providers to provide a solution that extends cover and response for their clients to ensure their products are fit for duty of care,” he said. “These comprehensive products enable underwriters to utilise pre-travel information and advice services to manage their clients’ overseas travel risks and potentially reduce claim costs. More importantly, they can help firms fulfil their duty of care obligations to ensure that their travelling employees are always being looked after no matter where they are.”