Corporate travel insurance is one of the most neglected (and important) aspects of business. It’s the foundation for employee safety, and can make or break your travel policy.
Without it, all of your other travel policies are a waste of time. And here’s the kicker…
Corporate travel insurance is:
- Easy to implement
- Protects your bottom line
…and can have an instant impact on your company’s travel emergencies.
In This Guide:
- Why Corporate Travel Insurance Matters Now
- The Key Benefits Every Business Should Know
- What Corporate Travel Insurance Actually Covers
- How To Choose The Right Policy
Why Corporate Travel Insurance Matters Now
Corporate travel is exploding.
Global spending on business travel reached $1.48 trillion in 2024 according to the Global Business Travel Association. It’s a staggering sum, and with more and more employees traveling for work than ever before, the risks have never been higher.
Here’s the deal…
Corporate travel trends are shifting all the time, and as a business owner, you need to be ready. The future of business travel is bright, but there are new challenges for every company owner to consider.
In 2024, the corporate travel insurance market itself was valued at $5.73 billion. It’s a big number, but the number that really matters is the growing number of businesses and companies who are investing in their employee travel safety.
Another telling stat from 2025, the share of travelers purchasing coverage rose to 76%.
Why? Because the costs of not having it far outweigh the costs of having it.
The Key Benefits Every Business Should Know
Corporate travel insurance has tons of benefits for your business. If you haven’t started to protect your traveling employees yet, here are three reasons you should.
Protect Your Employees
Corporate travel insurance is a safety net for your employees.
Employees who are out on the road for business purposes are exposed to risks that they are not exposed to in the office. Medical emergencies, canceled flights, and lost luggage are not “what if” scenarios. They happen every day, to business travelers all over the world.
The right insurance policy ensures that your employees get the help they need, when things go wrong. That includes:
- Emergency medical coverage overseas
- Trip cancellation coverage
- Lost luggage reimbursement
- Emergency evacuation
Employees who feel safe and protected while traveling for work are more likely to accept travel assignments. They’re more confident on the road, and they perform better.
Reduce Financial Risk
What most business owners don’t factor in…
A single medical emergency during an overseas business trip can cost your company tens of thousands of dollars. If your company does not have the right coverage, that cost is either paid by the company, or by the employee.
Corporate travel insurance transfers that financial risk to the insurer. The cost of a policy is a fraction of what a single claim would cost your business. It’s simple math.
Travel insurance costs around 4% to 10% of your total travel expenses. Compare that to a $50,000 emergency medical evacuation bill and the value becomes very clear.
Maintain Business Continuity
What happens when a key employee can’t return from a business trip, due to a flight cancellation, or inclement weather?
Meetings are missed, deals fall through, projects stall. Travel disruptions can have a very real impact on your business operations.
Good corporate travel insurance includes services to help get your employees back on track in a hurry. Travel assistance services can rebook flights, find alternative routes, coordinate with your business partners, and handle the logistics so your team can focus on the work they need to get done.
What Corporate Travel Insurance Actually Covers
Not all corporate travel insurance policies are created equal. There are a variety of coverage options available to business owners. Understanding the differences helps you make better decisions.
Medical Coverage: This is the big one. Medical expenses, when traveling overseas can be astronomical. A good policy should cover emergency medical treatment, hospitalization, and prescription medications. Pre-existing medical conditions are important to consider for employees with ongoing medical needs.
Trip Interruption: Trips that are cut short, or cancelled for covered reasons, this coverage reimburses non-refundable expenses. This includes flights, hotels, rental cars, and event registrations.
Baggage Protection: Lost, or delayed baggage can really disrupt business travel, more than most people realize. Coverage helps employees replace necessary items, and get reimbursed for lost items.
Emergency Evacuation: Serious situations may require your employees to be medically evacuated to an appropriate medical facility. Coverage that includes evacuation services arranges the logistics, and the cost of evacuating employees to safety.
24/7 Assistance: Having 24/7 access to support services, that connect employees with assistance, wherever they are in the world, at any time, is essential. Language translation services, legal referrals, and travel coordination services all help your team to feel supported when they travel.
How To Choose The Right Policy
Picking out the right corporate travel insurance policy isn’t difficult, once you know what to look for. Here’s what matters most:
Assess Your Travel Patterns
Start by figuring out how your employees travel. Frequency, destinations, activities, these are all factors that affect the kind of coverage you will need.
Compare Coverage Limits
Not all policies offer the same level of protection. Medical coverage limits are a big difference between different providers. Make sure your coverage matches your employee’s travel destinations. The cost of healthcare in the United States is very different from the cost in Thailand.
Check Exclusions
Every policy has exclusions. Some policies do not cover certain countries, or activities. Others have exclusions for pre-existing medical conditions. Read the fine print before you sign on the dotted line.
Annual vs Single-Trip Policies
If you have a lot of frequent travelers in your company, annual multi-trip policies are usually the better value. They are often cheaper than purchasing coverage for individual trips. Convenience is a big factor here, so annual policies are often the better choice for most businesses.
Claims Process
A great policy is worthless if claims cannot be easily filed. Look for providers with an easy, straightforward claims process, and a reputation for good customer service. Your employees will be very thankful when the time comes that they actually need to use the coverage.
Wrapping Things Up
Corporate travel insurance is not an optional expense. It’s a fundamental part of protecting your employees, and your business operations.
Business travel spending is at an all-time high, and with more and more employees traveling more than ever before, the risks have never been higher. The right policy will give peace of mind for all involved.
To quickly recap:
- Corporate travel is booming, and risks are high
- Travel insurance protects your employees and minimizes financial exposure
- Coverage includes medical, trip interruption, and more
- Choose the right policy by knowing your travel patterns
The costs of not being protected are massive, when compared to the costs of actually being protected. Every business that sends employees on the road, should have comprehensive corporate travel insurance in place.
Start looking at your options today. Your employees, and your bottom line will thank you for it.
