Business Travel Insurance: Know The Rules
Is your carry-on the approved size for overhead bins? Did you remember to bring back-up presentation materials on a USB key? What activities are covered in your corporate travel insurance? When travelling for business, there are many items on your pre-flight check-list. Whether travel insurance is part of your group benefit program or separately purchased from an insurance carrier, credit card company or a travel agent, it is important that you and your employees are familiar with the terms of coverage.
Business Travel Insurance: The Fine Print
While you are travelling for business, you may have the opportunity to take part in additional, informal activities. Be aware that many travel insurance policies have specific restrictions regarding participation in any sport as a professional athlete or taking part in hazardous activities such as extreme sports, off-trail skiing, sky-diving, mountaineering, scuba diving and spelunking. Some travel insurance policies will not cover a claim event that occurs after the use of drugs or alcohol.
One of the newest restrictions in travel insurance is known as the stability clause. This clause is related to pre-existing health conditions. The provisions generally suggest that within a pre-defined period (such as 30, 60 or 90 days) prior to departure, the insured person:
- Must not have received medical care, been under evaluation for a new symptom or condition uncovered in a medical exam
- Is not experiencing worsening symptoms or increased frequency of symptoms
- Has not been prescribed new medications or changes in medication
- Is not receiving care or being treated at a hospital for a medical condition
- Has not been advised to undergo future tests or non-routine appointments, investigations or surgery for a diagnosed or undiagnosed condition
If you are unsure of whether a medical condition and/or medical history will be covered in your out of country policy, or whether activities may be considered dangerous, contact your travel insurance provider for confirmation before your business trip.
Before You Take Off
The Government of Canada posts travel advisories for most countries. Some insurance companies will not honor medical claims made for injuries suffered in a country for which the Government of Canada or the World Health Organization has issued an official “high risk” travel advisory. Insurance policies often have exclusions/clauses that stipulate the regions and/or activities that will not be covered.
Before travelling abroad, it is always advisable to register yourself as a Canadian abroad so that you can receive:
- Notices of emergencies in your travel region
- Access to consular services
- Notices of emergencies at home
You should also be sure to check your provincial healthcare website for additional information about what may or may not be covered while you are out of the country. Supplementary travel insurance for emergencies can provide you and your employees peace of mind while away from Canada.
Talk to an ALIGNED Insurance advocate today about options for business travel insurance. We can help you secure the best products, services and solutions.
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100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.