What is Business Travel Insurance?
The policy can be tailored to suit your needs and can even be extended to cover spouses and/or children when accompanying an employee on a business trip. Premiums would depend on cover chosen. The number of employees, no of trips and destinations would all be taken into account for rating purposed.
Standard Policies include:
Additional Benefits could include:
Frequently Asked Questions
A pre-existing condition usually means any medical condition for which medical advice, diagnosis, care or treatment was recommended or received. It is always a good idea to speak to the insurer you are thinking of using to check whether they will include your condition on the policy.
Most annual policies will cover travel within the UK. It’s always best to check before parting with your money though.
Details of what you are covered for can be found in your policy wording and Key Facts. Levels of medical cover, personal liability cover and any other types of cover that you have purchased will be noted within your documents.
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Cancellation, Curtailment, and change of itinerary
Cover will be provided should you have to cancel your journey or if your journey is cut short due to circumstances unforeseen and outwith your control. Exclusions would again include Pregnancy (within 2 months of expected date of birth), Childbirth, Redundancy or if you simply change your mind to travel. Financial failure of any transport or accommodation provider or their agent would also be excluded.
Hijack, Kidnap, Detention
The policy can be extended to include this cover although there are usually monetary limitations applied and you should check your policy document. Similarly, travel to and from certain destinations would also be routinely excluded.
Should your trip be delayed, your insurers will provide reimbursement towards accommodation costs if necessary or alternative transport where possible. There are time limits that apply to this section of the policy and such costs may be on a scaled benefit dependent upon the circumstances.
Cover will not be provided in the event of failure to adhere to your itinerary or in the event of any industrial action that you were aware of at the time of booking or given advance notice of.
The policy would provide legal liability on a personal basis however any liability arising out of the insured’s trade, profession or business would be excluded. The policy would also exclude any liability in relation to liability arising out of the use of any mechanically propelled vehicle, aircraft or waterborne craft.
Cover can be extended to include loss of or damage to personal baggage and in certain circumstances money towards emergency clothing and toiletries although this is sometimes dependent upon the level of cover chosen.
Full details again can be found in your policy schedule. Some items such as contact lenses or electronic equipment may also be excluded from this section. Personal Money and Credit Cards are also excluded as they would be insured separately.
Cover is extended to include any loss of or theft of your passport although any such loss must be reported to the consulate usually within the first 24 hours of discovery.
Money & Credit Card Extension
The policy can be extended to include money and credit cards but the loss of cash is usually limited and this will be shown in your policy schedule. Theft from any unattended vehicle would also be excluded.
Legal expenses cover would be provided should you sustain an injury or illness and wish to raise legal proceedings against the third party responsible.
Cover would be limited and full co-operation would be required with your Insurers and their legal representatives.
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Making the small print...BIG
A Fair Presentation of the Risk
At the heart of insurance contracts is an obvious truth: you have an enormous advantage over the insurer. You know all about your business, its history, processes, people and management, but the insurer knows nothing – other than what you tell them.
You have a statutory duty to make a fair presentation of the risk. You must tell the insurer:
• Every material circumstance which you know or ought to know and/or
• Sufficient information that would cause the insurer to make further enquiries, if necessary, to review those material circumstances
• You are deemed to have the knowledge of the company’s senior management.
• You are deemed to have the knowledge of the person arranging the insurance (who is deemed to be a senior manager under statute).
• Anything that can be discovered by a reasonable search.
A failure to make a fair presentation of the risk gives the insurer various remedies, depending upon the nature of the failure, from avoiding the contract and not paying claims to modifying the basis of settlement.
Examples of Misrepresentation
It is often easier to demonstrate the consequences of risk presentation failure by example rather than theory. Here are some real life examples of typically forgotten or unrevealed material facts which later caused huge problems and repudiated claims:
A reprocessing plant did not reveal a series of small fires during their insurance year.
Following repeated false alarms, a retailer didn’t reveal that Police Response had been withdrawn.
A restaurant omitted to reveal repeated minor floods from an upstairs nightclub.
A construction company didn’t reveal potential employee claims recorded in their accident book.
A company failed to reveal written warnings to an employee over repeated dangerous driving.
A company failed to reveal that it had been ‘struck off’ by Companies House and was trading as a new legal entity under a different designation.
Compiling the Risk Presentation: an ongoing process
The compilation of risk information for presentation to an insurer might be thought to be simply contained in a proposal or risk presentation form, however, such forms are not exhaustive and cannot take account of circumstances which change beyond their
compilation. Moreover, merely referring insurers to your website or dumping data is not making a fair presentation of the risk. ’Fairness’ is a subjective test but it would certainly involve simplicity, clarity and relevant selection.
Ongoing communication is vital, because the duty to disclose material circumstances is ongoing throughout the insurance year and at renewal of the insurances.
It is not possible to overstate the importance of researched, adequate risk presentation – there have been countless legal disputes, repudiated claims, ruined businesses and lives arising from the simple failure to reveal all the facts to an insurer. A failure to present risk adequately is a bigger risk than the risk you present.
It doesn’t matter that the failure is innocent, something overlooked, forgotten or discounted as unimportant – it might be important to the insurer, in which case it must be revealed.
Should there be anything not yet disclosed, or that you are unsure would influence your insurers about this insurance tell your broker/insurer immediately.
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Working With Us
The Business Insurance Bureau conducts both client and market research to identify solutions to the needs of an almost exclusively business clientele. We will make a recommendation once we have assessed your demands and needs.
All premiums due to insurers must normally be paid by you on or before the date that cover commences. Where alternative methods of payment are available these will be discussed with you so that arrangements can be put in place by the due date.
We are registered with the Data Protection Registrar. We will ensure that any information obtained from you is treated by us and anyone else involved in arranging, considering to arrange or managing your insurance, as Strictly Private and Confidential. We will not provide your information to anyone else unless we:
have your permission to do so, or -are required to by the FCA, or -are required to do so by law, or -are required to do so in the normal course of arranging or negotiating and maintaining, or renewing financial services products which we may from time to time approve.We take appropriate steps to ensure the security of any money, documents, other property or information handled or held on your behalf.
All information in any form, with the exception of policy documents and certificates issued on behalf of insurers and supplied by us, to you, should be treated as Strictly Private and Confidential and not be released directly or indirectly to any other party, without our explicit consent.
Note: in transacting your insurances with The Business Insurance Bureau, you are deemed to have accepted our Terms of Business. Your accepting of these Terms of Business does not affect your statutory rights.
You must notify us as soon as possible of a claim and circumstances which may give rise to a claim. In the event of a claim you should contact this office and we will promptly advise you and if appropriate, issue you with a claim form and pass all details to your insurer. You should not admit liability or agree to any course of action, other than emergency measures carried out to minimise the loss, until you have an agreement from your insurer. We will remit claims payments to you as soon as possible after they have been received on your behalf. In the event that an insurer becomes insolvent or delays making settlement we do not accept liability for any unpaid amounts.
You would have the right to cancel a policy within 14 days of its inception or upon receipt of the policy documentation whichever is the later. You would as a Consumer and without providing a reason, cancel the policy by confirming this is in writing to the address of our office through which your policy was placed. Any policy documentation and in particular any legal document, i.e. Certificate of Motor Insurance, Employers Liability Certificate, MUST be returned with your instruction to cancel. By exercising your right to cancel the policy, you are withdrawing from the contract of insurance.
Our services may be terminated without cause or penalty by giving one months’ notice in writing. In the event that our services are terminated by you other than at the expiry of the policy we will be entitled to retain any fees and all of the brokerage payable. The responsibility for handling claims reported after the date of termination shall in the absence of an express agreement be the responsibility of the party taking over the role.