Group travel insurance is a very simple and useful kind of travel insurance plan which many people opt for during their travels. Essentially, group travel insurance refers to a travel insurance policy purchased by a group of people who are not related, or who are not a family. This can be a group of friends, a workgroup of employers and employees, or even students going on travels. Group travel insurance is available for both domestic as well as international travels.
How is group travel insurance used for organizations?
Organizations are often required to opt for group travels, either for business purposes or leisure purposes. All the individuals who are part of the group travel are benefited from the group travel insurance policy. The employer decides the kind of policy that they want to purchase for the group and the premium they want to pay(depending upon a number of factors and requirements). This is how they can purchase the right kind of group travel insurance.
A group travel insurance plan can be used for both single trips as well as multiple trips. Some of the benefits of opting for a group travel insurance plan are: travel services, medical benefits, coverage for several kinds of incidents, etc.
Why opt for group travel insurance?
While there is always an option to purchase single travel insurances, the advantage of choosing group travel insurance is the fact that all the members of the group would be equally covered for the same benefits, plans, inclusions as well as exclusions. The premium paid for group travel insurance turns out to be far more economical as compared to single travel insurance. There are several other great benefits that the group can enjoy by opting for the group travel insurance policies. Here are some of the top benefits:
- Cover for trip cancellation
Flight cancellation or flight delays are a common occurrence. Typically, certain kinds of unexpected purchases are required to be made during this kind of situation. By opting for group travel insurance, the members of the group will be covered against these kinds of situations. When choosing the best kind of group travel insurance, it is essential for the employer to ensure that expenses for pre-paid activities would also be covered. By choosing the right travel insurance company, the group can benefit from having the biggest claim on their flight cancellation cover.
- Cover for important documents
Important documents can include passports and other extremely essential documents which the group members might be carrying. Misplacement or theft of these important documents can be devastating. However, with the best group travel insurance policy, the loss of passport and important documents are covered, and the individual is guided through the process of quick renewal of their passport.
- It is far more economical
When it comes to travelling, most people opt for travel insurance of some kind, due to all the great benefits that they can enjoy. While opting for single travel insurance is always an option, opting for a group travel insurance plan turns out to be far more economical. In fact, opting for group travel insurance can ensure that you save about 20 per cent of the total expenses on the trip, as compared to opting for a single travel insurance plan.
- It is hassle-free and a quicker process
If every individual member of the group trip were to opt for individual travel insurance, the process would take far longer and would also call for many more documents and papers to be looked into and signed. However, by opting for group travel insurance, the process of all the individual members getting coverage is much faster. The process is also hassle-free as it involves far lesser documents and papers, and can be done in a faster method.
- Hijack disasters and other natural catastrophes
If the group is planning on travelling to a particular destination which is a risk zone for natural calamities such as flooding, earthquakes, or even terrorist attacks, opting for a group travel insurance plan can be highly beneficial. In fact, even incidents such as hijacking are part of the group travel insurance benefits which each and every member of the group can avail after purchasing the plan.
When purchasing a group travel insurance policy for an organization, it is important to look into all the individual needs and requirements of the members, as well as the group as a whole. Every company offers slight variations in their group travel insurance policies. The employer must look into all of these plans and policies in detail to choose the right kind of group travel insurance policy for their employees. The employer can even decide the premium that he wants to pay, and what kind of benefits and inclusions he would like to have in the group travel insurance scheme.