While corporate travel insurance is not legally required, it is highly recommended for businesses with employees who travel for work. It can protect your business from significant financial losses due to unforeseen travel-related incidents.

Coverage: Personal travel insurance typically covers leisure trips, while corporate travel insurance caters to business travel needs, often including business equipment loss and trip cancellation for business reasons.

Policy Structure: Personal policies cover individuals or families per trip or annually. Corporate policies cover a group of employees, usually making it more cost-effective for frequent business travel.

Insured Individuals: Personal policies cover the individual traveler or their family, while corporate policies cover all employees traveling for business.

Duration: Personal policies are often trip-specific, while corporate policies provide annual, blanket coverage for all employee travel.

Claims and Risk Management: Corporate policies often feature company-handled claims and additional risk management services, like travel alerts and emergency assistance.

The cost of corporate travel insurance can depend on several factors, including the number of employees travelling, the destinations, the duration and frequency of trips, and the level of coverage selected.