When COVID-19 hit in 2020, all industries had to adapt to drastic changes, and corporate travel was no different. With many countries imposing travel restrictions and quarantines, businesses had to adjust processes and systems almost overnight!
Eventually, because of immobility, industries saw the use of remote work. With the option to work remotely, more employees grew into digital nomads.
As the corporate world continues to digitalise, finance leaders must also consider how these changes will affect company spending — mainly corporate travel health insurance.
Finance managers and CFOs are under immense pressure to find new ways to do business that are effective and cost-efficient. The question is: does corporate travel health insurance address recent changes? Let's find out.
Importance of a Corporate Travel Health Insurance
For finance managers and CFOs, the main concern is always cost-effectiveness. With corporate travel insurance, they can rest assured that their employees will be covered in case of any medical emergencies while on business trips.
Furthermore, most policies these days cover expenses related to travel disruptions, such as cancelled flights or lost baggage. This gives finance managers and CFOs one less thing to worry about!
However, it's important to note that corporate travel insurance does not cover every eventuality. Therefore, finance managers and CFOs must choose a policy that covers the most critical risks to their employees.
Over the past year, corporate travel policies have made this more complex than ever, but it's not impossible!
COVID-19 and Corporate Travels
Business trips will always be crucial for a company's growth. They can be expensive, but they are excellent investments that businesses make to ensure their continued success.
Business travellers connect with potential clients or partners, attend conferences and seminars, or conduct field research. It’s necessary to ensure that employees are adequately insured while they travel for the company.
However, the outbreak of COVID-19 has changed corporate travel as we know it. It has forced finance managers and CFOs to re-evaluate corporate travel insurance policies.
We have to ultimately ensure our business travellers are protected against the new risks posed by the virus. After all, we all deserve a financial safeguard for pandemic-related trip problems!
Do corporate travel health insurance policies cover COVID-19-related risks? They should! Many policies have been updated to cover pandemic-related risks, such as trip cancellations or interruptions due to quarantines.
Some policies even cover the costs of medical treatment if the policyholder contracts the virus while on a business trip.
Of course, every policy is different, so finance managers and CFOs should always read the fine print before purchasing corporate travel insurance. Overall, these policies have become more comprehensive and offer better protection against COVID-19-related risks.
Corporate Travel Insurance for Remote Work
Remote work is inevitable. In fact, a recent projection showed that 25% of all professional jobs in North America would be remote by the end of 2022, and it won't stop there.
Opportunities will continue to grow through 2023. Workers have genuinely seen the benefits of remote work — namely, increased flexibility and improved work-life balance. More people are learning to rediscover productivity outside of the traditional office setting.
How will this affect corporate travel insurance? For finance managers and CFOs, it's vital to consider how the company's policy must adapt to the new reality of remote work.
Business trips will now be less frequent and shorter in duration. With more employees working remotely, there will be a greater need for individual travel insurance policies. Fortunately, many corporate travel insurance policies are already adapting to the changing landscape.
There are fewer business trips, but it doesn't mean they're gone for good. Whether remote work or not, companies should prioritise the safety of all employees.
Remote work doesn't change the fact that business trips are essential for a company's growth. What finance managers should look into are corporate travel insurance policies that cover their employees, including remote employees.
Digital Nomads and Their Corporate Travel Insurances
Unlike remote workers, digital nomads don't have a physical home base. They're constantly on the move, travelling to different countries and cities in search of new opportunities. For them, corporate travel insurance is a must — but more challenging to find.
Most corporate travel insurance policies only cover trips to specific locations or countries, but digital nomads need a policy that covers them no matter where they go. That's why finance managers and CFOs need to find a global coverage policy.
Corporate travel insurances have a different level of significance for digital nomads. Policies should provide the assurance that digital nomads can face any business-related challenges, no matter where they are in the world.
Travelling for Business in the Digital Age
Travelling for business is always a risk. There are so many things that can go wrong — from lost luggage to cancelled flights.
With the outbreak of COVID-19, the stakes have increased, but finance managers and CFOs can protect their employees with corporate travel insurance. There are global protocols for the new normal, especially regarding travel insurance.
Before the pandemic, corporate clients traditionally contacted insurance professionals or consulted agents for business travel insurance. This process still works today, but many Business Travel Medical or Accident Plans are available on the market. The crucial part is finding one that covers repatriation and evacuation for the holders' health and safety.
Leaving corporate travel health insurance to its old ways is not an option. The finance managers' and CFOs' responsibility is to monitor the corporate travel insurance market and find the best policies — specifically when industries change quickly.
COVID-19 has changed the way we work and travel. Remote work has become a top option, and digital nomads are on the rise.
In this new landscape, corporate travel health insurance addresses the needs of finance managers, CFOs, and employees. With the right policy in place, we can rest assured that our employees will be protected, and business will continue to thrive.