For those whose job entails a lot of foreign travel, corporate or business travel insurance can be a worthwhile insurance product. Not only could this tailored insurance option save you and your company money, its cover is likely to meet more of your specific business needs than a standard travel insurance package. This page asks ? why choose corporate travel cover over a regular travel insurance policy?

Insuring your work's equipment

Corporate travel insurance covers the cost of any business equipment or tools that you have to take away with you - from laptops to iPhones. You should note that any phone, computer etc that is your own property, is unlikely to be covered as standard in such a policy ? more often than not it must be company-owned. Another point to note here is that practically all business travel insurers will have a series of maximum compensation limits relating to such equipment ? say a maximum payout of ?600 to replace a laptop.

Travel money

If your company has given you any company money as expenses, this cash will be covered by your policy. Cash tends to be most frequently stolen or lost item on any trip abroad. Losing cash that doesn't belong to you can be a real headache! But never fear as any work money given to you is also covered by your business travel insurance policy. However it may not cover your own personal funds, only the money given to you by your employer. Most insurers realise that the majority of business travellers will carry a mixture of work and personal funds, and so most will offer the option to insure personal on top of work cash, for a small rise in premium.

Replacement personnel

In the event of an injury or illness preventing you from making an important speech at a conference, or missing a vital meeting, the staff replacement cover part of a business travel policy is indispensable. Should an unfortunate event occur, your policy will cover the cost of having one of your colleagues or company's other representatives attend in your place.

You will have to provide proof that your illness or injury was serious enough to prevent your attendance however. Certain corporate travel insurance also covers you if it's a close relative that falls ill or is seriously injured, and you subsequently have to miss your important appointment.

One point about this insurance feature that often catches people out is the fact that the amount offered in the event of you missing such an occasion is often a flat rate. This means that it does not take into account the distance needed for your colleague to travel in order to cover for you. This may mean that the amount paid out by your insurer does not cover the entire cost of your colleague being flown out to replace you.

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