Business Travel Insurance
The Importance of Business Travel Insurance
Business travel insurance is important coverage to have whether you travel often or once a year. Irrespective of whether you’re a small business owner or you work for a large company, business travel insurance may help reduce medical costs that the business might be liable for, as well as ensure the business equipment and documents that one inevitably must take when traveling for work.
Types of plans
A variety of insurance policies can be purchased online or through a travel agent. Types of coverage include the following:
Trip cancellation insurance
Emergency medical transport and treatment
Accident insurance (death and dismemberment)
Accident insurance (rental car and injury coverage)
Lost/stolen luggage insurance
Depending on the insurance company you choose, package plans are available that include some or all of the insurance coverage mentioned above as well as other types of coverage such as emergency evacuation coverage and replacement of lost or stolen financial or identification papers. It can be beneficial to search for a specific business travel insurance plan, as such plans tend to have additional features for business travelers.
Domestic and international
In order to choose the plan that’s correct for your business needs, you will have to specify where you plan to travel. While some companies offer a flat rate for different regions of the world, others do not. Some regions may cost more than others. Even if you plan to travel domestically, it’s still important to have adequate coverage in case you need to cancel your travel plans, reschedule, or if you become ill during the trip. A common mistake that many business travelers make is not purchasing additional insurance when traveling within their own country.
For companies that send employees traveling frequently, annual business travel insurance is almost always the most cost-effective alternative and is less expensive than purchasing a single-trip plan each time you travel. In fact, it is worth comparing quotes because in most cases a multi-trip policy will be cheaper than just two single-trip policies, and the more trips taken the more cost-effective they become. Multi-trip policies were initially developed to provide insurance for business travelers and are generally offered attractive features suited to those traveling for business.
Business travel insurance can save you and your company a lot of money in the event of an emergency. When traveling, it’s best to be prepared for any emergency that may occur.