Experience the benefits of business credit card insurances

Do you work in the financial department of a large company? Then reducing financial risk is likely an important topic for you. Business credit cards are very useful in situations such as online shopping related risks. They offer extra protection through various insurances on purchases and through fraud prevention. In this article, you will read about which insurances business credit cards usually offer and how they can help your organisation.

Why large companies choose multiple business credit cards

Using business credit cards offers many advantages. Thanks to them, employees at large organisations do not have to pay for business expenses upfront anymore. Connecting credit cards to an expense management system can also save lots of time on processing claims. 
With business credit cards, you can enjoy easy payments worldwide. They offer insight into your account and transactions anytime, anywhere. With the extra insurances, you can operate nationally and internationally with peace of mind.

Which insurances and guarantees does a business credit card have?

Most credit card companies offer different types of insurances and guarantees that will protect your company from credit card related risks. Always carefully check the terms and conditions. Here are some of the most important insurances and guarantees: 

Purchase Protection Insurance

This insurance protects almost all business credit card purchases from loss, theft or damage for 180 days after the date of purchase.

Insurance against unauthorised use by employees

Large companies with multiple Cardholders always run the risk of unauthorised people using their business credit cards. The insurance against unauthorised use protects your organisation from this risk. 

Luggage and Flight Delay Insurance 

Bookingwork-related trips  with a business credit card gives you extra protection from accidents. In those situations, you will receive help and legal support if there are any problems. You also get luggage and flight delay insurance, which includes coverage for travel accidents, loss of luggage and flight delays.

Delivery Guarantee 

If an online order does not arrive, the credit card company will help you figure out what went wrong. In most cases, you will get your money back on your business credit card. This makes online shopping for your company easier and safer. For example, if you order office supplies that do not arrive, you can ask for your money back.

Internet Guarantee

Internet fraud is unfortunately becoming more common. Thanks to the Internet Guarantee, employees can make online purchases safely. You can report fraud in cases of unauthorised payments or if you are charged incorrect sums. In most situations, you will receive your money back. No matter what, always be careful and avoid suspicious websites.

Fraud prevention

Unfortunately, misuse of credit cards still happens. With 24/7 fraud prevention, credit card suppliers watch over business transactions. If there are any suspicious transactions, the supplier will immediately contact the Cardholder and take further measures, if necessary.

5 misconceptions about business credit cards

It is important to keep in mind that there are conditions and limitations to credit card insurances.
Let us first correct five misconceptions about credit card insurances.

1. You do not always receive your money back in cases of damage, loss or theft of purchases. Read your credit card's Terms and Conditions for all the details 
2. The Purchase Protection Insurance does not apply to all product categories, for example vehicles.
3. A maximum amount applies for many purchases. 
4. There are specific demands that you must meet to be eligible for the Purchase Protection Insurance.
5. Internet purchases that do not get delivered are usually not fully reimbursed.

Insurances on business credit cards: ICS' approach

Do you have many employees in your company who make purchases? Do you often have to deal with processing expenses? More and more financial managers are choosing business credit cards, as they make payments easy and safe. Our business credit cards come with standard insurances and guarantees, such as the Purchase Protection Insurance, the Luggage and Flight Delay Insurance and Delivery Guarantee.