Travel accident insurance called valuable benefits tool

Travel accident insurance is seen as an inexpensive and valuable employee benefit tool for recruiting and retaining managers and executives who travel within the U.S. or abroad – particularly in a climate marked by international terrorism.

So says Harry Ennevor, president of brokerage house E.G. Bowman Co. Inc., in a recent commentary. While he writes that nearly all major corporations and institutions pay the full cost of coverage, smaller employers often offer it as a voluntary benefit, with premiums fully or largely paid by participating employees.

He also cited a recent Society for Human Resources Management survey showing that nearly half of employers offer this benefit.

Coverage, which is available for all modes of transportation, can be tailored to a company’s risk profile – featuring two basic policies, one that covers both business and pleasure 24/7 and a cheaper option that’s restricted to business travel.

Dependents who are included on a business trip or corporate relocation also may be covered, while death benefits may be in the $500,000 range and higher, Ennevor explained. Covered benefits include death and dismemberment, as well as medical and temporary disability payments.

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