Getting a travel insurance policy based on the way you travel is one of the best ways to get the coverage you need. If you travel often for work, maybe across the world or to repeat destinations, your travel style is likely business travel. Even though you may not be the one paying for travel insurance coverage while you’re away, it’s always a great reminder to double-check you actually have coverage and compare policies before you leave for your trip. Here are three areas to verify are in order before your next business trip:
- Why would I need a business travel insurance policy?
- What type of coverage will you need when traveling for business?
- How to compare and purchase business travel insurance?
So, let’s get down to business on to why travel insurance is so important.
Why would I need a business travel insurance policy?
No matter how you travel, there are always going to be risks involved. These could be medical, loss and delay, as well as cancellation risks. We’ll lay out a few business travel scenarios for you, although we hope they never happen.
Scenario #1: Your baggage gets lost and doesn’t show up to your trip location when you arrive. The suit you needed for an important business meeting was in that luggage and isn’t expected to show up anytime soon. With a travel insurance plan, you’ll have coverage to buy some backup clothing for your meeting as well as toiletries and other necessities to get you by while you wait for your luggage to show up.
Scenario #2: While at your destination, your company laptop or other electronic device is stolen from your hotel room while you were out at dinner. If you report the stolen item and purchase another laptop so you can nail your presentation the next day, you’ll be reimbursed for the cost of the new device up to the limit on your travel insurance.
Scenario #3: You and your family have booked a vacation that everyone’s excited for. If work-related reasons require you to cancel your trip, your travel insurance could reimburse you for the nonrefundable expenses you made towards your family trip.
Unfortunately, as you can see, there are many ways that your plans to travel for work could be compromised. Luckily, having business travel insurance in place could help cover the bill in the rare case something goes wrong.
What type of coverage will you need when traveling for business?
There is quite a range of travel insurance coverage categories, but here are some that are the most popular that are usually included with comprehensive policies.
Baggage Delay: If your baggage doesn’t arrive at your trip location when you do, your travel insurance will reimburse the cost –within reason– of buying clothing and toiletry items in the meantime.
Business Property: If any type of property that belongs to your company, such as an electronic device, gets damaged or stolen, travel insurance will cover it.
Cancel for Work Reasons: Most of the time, this coverage is an upgrade, but can be really useful if something were to come up at work that would disrupt your personal travel plans. Be aware that this insurance upgrade may be time-sensitive, as are Cancel for Any Reason and Pre-Existing Condition Waiver coverage, so be sure to pay attention to the timeline of when you need to buy these policies from your initial trip deposit date.
How to compare and purchase business travel insurance?
Finding the best travel insurance for business travel entails a few more details that should not be forgotten. Here are three things to consider as you compare policies for business travel.
Comprehensive Plans: First, you’ll want to make sure your travel insurance is a comprehensive travel insurance plan. This will provide trip cancellation, emergency medical, medical evacuation, and travel loss/delay coverages. With business travel, your company can’t usually afford to have you hurt on the job, so it should be their priority to have you insured to the fullest amount of coverage when sending you on another business trip.
Credible Insurance Providers: Something your business will want is to find a policy from a reputable travel insurance provider. Make sure your plan comes from an insurance company that is internationally respected and has backing from a well-known bank.
Multi-Trip Coverage: If you travel quite a bit, you might benefit from finding an annual travel insurance plan, which offers coverage for a full year. That way you won’t have to deal with the hassle of purchasing a new policy each time you have back-to-back business trips.
Before purchasing on your own, talk to your company to see if they already have coverage in place for you or if you need to buy your own plan. One way or the other, buying travel insurance for business travel is a sure way to give you some peace of mind. That way, you can shift your time and energy instead to where it’s needed the most –like preparing your pitch for an important business meeting on your trip.
Now that you know what to look for, the next step is to find the right plan. Does the policy you’re considering have the coverage you are looking for? Not all more expensive plans have the best coverage, which is why comparing your policy options is the best way to find the right plan.