What insurance does your company credit card provide?

Business credit cards usually come with different kinds of benefits designed to give the best protection possible for your company. It’s always advisable that you familiarise yourself with the variety of insurance on offer, so that you can get the most out of it according to your needs.

The benefits involved depend on which type of card that you have. It would be to your advantage to compare credit cards, so as to achieve an understanding of all available options.

Travel accident cover and enhanced travel insurance

Insurance cover is a safeguard option against unexpected events. Travel insurance and the benefits that come with it vary from card to card.

Most credit card companies tend to offer travel accident cover up to around £100,000 during your journey, if you’re a Gold Visa or MasterCard holder. Still, this type of insurance isn’t completely thorough.

Most types offer cover for physical injuries that lead to death or some kind of long-lasting disability – and this is still only if you were using public transport on business abroad.

If you’re a Platinum cardholder, credit card companies will usually go the extra mile to offer you more wide-ranging and all-inclusive insurance. Instead of only being protected for travel on public transport, you would be covered for personal travel accidents too.

  • You’d have emergency medical expenses fully covered (usually up to around £2 million)
  • If someone else is harmed or injured as a result of your negligence, some credit card companies offer Personal Liability cover
  • In the potentially exciting event of evacuation or repatriation, you could be offered up to £1 million!
  • You are also covered for accidents on public transport, like with Gold Visa and MasterCard, but the cover would usually be more than twice the amount
  • Other areas that are also covered for Platinum cardholders involve legal costs, cancellation, lost baggage replacement, hospital benefits and lost cash.

Cardholder Misuse Insurance

In the event of misuse of a card by an employee, particularly the kind that bars compensation, some credit card companies will offer up to around £15,000 for individual cardholders, and up to £1 million for the business as a whole. The time-span of coverage will differ from company to company.

Purchase Protection

Certain purchased goods, depending on their worth and bought price, can be protected against unforeseen circumstances too, as long as adequate notice is provided within a specified time-frame. Again, the specific cover will differ from company to company, but one can expect to be reimbursed for single items up to £3,000.

Extended Warranty Cover

In addition to possible loss or theft with purchased goods, you could also be offered extra warranty cover, which would add to and extend the manufacturer’s warranty.

Online Payment and Fraud Protection

Most credit card companies will also offer you added protection for all online purchases. Suspicious activity, like unprecedented, unauthorised purchases will be carefully monitored. Some companies will also add extra security measures, such as secure passwords for each transaction.

Posted by on Sep 2 2012. Filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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