What are the minimum insurance coverages that a company should require from its means of payment?
PABLO MONTOYA, Assistant Commercial Director of DINERS CLUB SPAIN
The payment methods specialized in Business Travel have the possibility of hiring for their travelers some guarantees and travel insurance coverage that otherwise would be unattainable for many companies, or in the case of being accessible, at very high prices.
¿Who are the insured? Any person whose ticket has been charged to the Travel Account. It is essential that the insured is the traveler, i.e., that the insurance does not cover only the company's employees. There may be cases of hiring trips for people not directly linked to the company (suppliers, customers, relatives of employees, etc.), and they must also be insured.
It is also important that with the payment of only the accommodation travelers have travel assistance and 24h accident insurance covered. There are a significant number of trips that are made in vehicle, and in many cases these travelers do not carry any insurance, or the company must incur an expense to insure them.
Travel insurance through a means of payment is divided into two main groups: accident insurance and assistance insurance.
Within accident insurance we can distinguish different types of coverage. Accident insurance in public transport, which must include coverage for in-itinere travel. The 24h accident insurance, which must cover any type of accident (personal and professional). And the insurance of accidents in rental vehicles.
In the assistance insurance, the most important is the one for medical expenses. Here it is essential that the coverage is high. There are many countries where healthcare is very expensive and any hospitalization requires a large economic outlay. It also highlights the need for this coverage not to cover only abroad, given that most business trips are local in scope. Also, of course, baggage insurance (loss and damage) and delay insurance (departure of the means of transport or delivery of baggage).