Do you or your staff ever travel for work? If you do, having adequate travel insurance is a must!
Whether you’re travelling domestically or internationally, frequently or only occasionally, if you don’t have insurance for you and your employees, you’re taking a big risk that puts both your business and the safety and wellbeing of your staff in danger.
Back in 2015, the life of a four-year-old Australian girl and the financial wellbeing of her family was saved by travel insurance.
Just three days into their US holiday, Freya Connelly suffered from a collapsed lung and pneumonia, which saw her fighting for her life in an American hospital.
While Freya recovered from her ordeal, her family were left thankful not only for their daughter’s safety, but also for the security provided by their $180 insurance policy. Thanks to their forethought, Freya’s $715,000 medical bill was covered by their insurance.
However, a lot of Australians aren’t so lucky. You might recall our blog post earlier in the year where the fine print of her insurance policy saw 53-year-old Dawn Weldon-Schupp left a hundred thousand dollars in debt, after a moped accident in Thailand. Simply getting back home to Australia was going to cost her a whopping $30,000, due to her critical condition.
In America, a trip to the emergency room can cost more than $70,000, while a single night hospital stay can set you back as much as $25,000. A lot of foreign countries don’t have Medicare schemes in place, so medical bills often aren’t offset by government initiatives. This means even a simple trip to the doctors can set you back quite a bit.
If one of your staff members fell sick or was injured overseas, would your business be able to shoulder their medical expenses?
Each travel insurance policy varies, and many business policies are different to personal travel insurance, so it’s always worth talking to your business broker about what is and isn’t included.
However, travel insurance doesn’t just cover medical expenses. A lot of policies also cover extra travel expenses, like flights and accommodation if your flight is delayed or you miss your flight.
This means, having appropriate business travel insurance is also important if you or your employees are often travelling interstate.
It’s also important that you’ve read and understood all of the fine print, so you don’t get caught out like Dawn did on her trip to Thailand.
To make sure you have the best possible travel insurance for your business, talk to the team at Sydney Insurance Brokers today!