Do you need insurance cover as a business traveler? If YES, here are 7 best travel insurance policies for business travellers and how much they cost.
Business travel insurance is designed for people who travel internationally for business purposes. Being frequently on the road or air is not easy, and it comes with its own set of risks, that is why a frequent business traveler needs to carry some level of protection in the form of insurance with him or her all the times.
Travellers are known to have a different set of concerns when buying travel insurance and they must have to select a plan that fits their needs and those of their company. If your job, or way of life typically keeps you on the road all the time, then you won’t want travel mishaps to interfere with your important business engagements and deadlines.
Why Buy Business Travel Insurance?
If your baggage is lost and you need replacement clothing, if you have to end your trip early and return home due to an emergency, or if you become ill and require medical attention, business trip insurance covers all of these incidents, making your trip less stressful and giving you less to worry about.
Travel insurance might not be the first thing that comes to mind when planning a business trip, but having the right policy in place could be a lifesaver if your journey ends up being delayed, cancelled or affected by issues such as lost baggage or ill health.
When travelling for business, making sure you are insured will safeguard you against costly situations that aren’t your fault. Expenses associated with cancelled flights, lost or stolen luggage, illness and accidents will all be covered with the right travel insurance policy.
Though insurance companies have standard travel policies, but there are specific policies that are usually tailored to the needs of business travellers. Losing valuables like electronic gadgets and luggage could potentially ruin your trip, and if you need to replace them quickly, the right policy will help you to pay for it.
3 Important Things an Ideal Business Travel Insurance Should Cover
There are things that are very important to the business traveller that may not be that important to the leisure traveller, that is why an ideal business traveller insurance must cover the most important things, if not, it would be inadequate. Before you buy a business traveller insurance, you should check whether your insurer can handle all those things. These may include;
- Gadgets: gadgets such as laptops and phones are a major component when travelling for business. Before you buy a business traveller insurance, you should check that your policy covers you against lost, stolen or damaged devices.
Still on the issue of gadgets and what comes with them, it’s highly recommended that you back up any essential data on an external hard drive and carry it in a separate bag. Most insurance policies won’t cover you for lost data, and if a big business contract is riding on a presentation that lives exclusively on your misplaced laptop, the consequences could be costly.
- Flight cancellation: Cancelled flights or missed connections could affect the cost of your business trip. A good travel insurance policy will cover you for travel disruption, paying for replacement accommodation and travel if your journey doesn’t go to plan.
Purchasing the right travel insurance policy will also mean that if your business trip ends up getting delayed or cancelled, you’ll be able to recover the costs of unused deposits, hotels, excursions and other pre-booked expenses from your insurance provider.
The same goes for trips that are cancelled due to ill health. If you become ill on or before the date you’re due to travel, you’ll be able to get your money back providing that you have a valid travel insurance policy in place. Bear in mind that you may need to provide proof from a doctor that you’re unfit to travel.
- Medical treatment: If you become ill during your business trip, a suitable travel insurance policy will pay for emergency medical treatment and repatriation (returning you home).
7 Best Travel Insurance Policies for Business Travellers
- Comprehensive Emergency Evacuation Coverage
Most people would never imagine traveling to a region where there’s a high risk of volcanoes, earthquakes, monsoons, and political instability. But business travelers know you do not say no to a trip that is set to bring profits to your company, even if the location is not so favorable. Sometimes there’s no choice but to travel to a rather dangerous part of the world.
Comprehensive emergency evacuation coverage can be a life saver if you find yourself in a violent situation, or you are caught in the middle of a natural disaster. Along the same lines, should you need emergency medical care, you’ll want to make sure you’ll receive it a hospital that meets global standards. All these are usually included in your emergency evacuation coverage.
- Baggage Coverage
Most business travelers usually travel light, and as such will pack all their valuables in one tiny suitcase. And if perhaps that suitcase goes missing, that would be the start of a nightmarish trip. This is another good travel insurance you should get for yourself as a business traveler. The cost of a custom suit or business appropriate clothing can rapidly exceed the basic baggage coverage that’s a part of most travel plans.
- Trip Cancellation and Interruption Coverage
If you are a constant traveller, then you would not be a stranger to flight cancellations. Trip cancellations can come at the most importune time when you have booked flights, hotels, and put other modalities in place.
These of course cost money, sometimes more than you can afford, that is why trip cancellation and interruption coverage is a good insurance policy for the business traveller. This policy would reimburse you for the expenses made towards a cancelled trip. And, of course the cancellation must not be your fault.
4. Annual Multi Trip Business Travel Insurance Plans
For employees and business travelers who travel frequently throughout the year, you might be better off with an annual travel insurance plan. These plans are purchased at any time and will cover you for the next twelve-month. These plans can be renewed for the subsequent year.
There are cost savings when buying these plans if you travel three or more times each year. You also have the peace of mind of being covered for any trip without having to purchase a new plan each time you go abroad.
5. Medical Coverage for International Business Trips
When traveling overseas for business, medical care is likely a top concern. Business travelers should always check with their employers to find out what the workplace healthcare plan offers in terms of benefits while abroad. Some medical insurance plans cover emergency care outside your home country, but some don’t; among those that do, they may only cover a portion of the costs.
However, a travel medical insurance plan can augment your existing healthcare plan to offer complete coverage in the case of an emergency during your business trip. Travel medical may also offer some benefits for emergency evacuation in the event that you need to be transported to a facility that can adequately care for you.
6. Corporate Equipment Loss & Damage Coverage
Since business travel almost universally requires traveling with expensive equipment such as laptops, tablets, and smartphones, it’s important to research business travel insurance options that will cover baggage loss or property damage. Be sure to pay close attention to the limits set within the policies as many won’t reimburse you for more than $250, which is of course not enough to replace or repair expensive business or enterprise-grade equipment.
If you’re unable to find a traditional travel insurance plan with a higher limit, look into specialized corporate and business travel insurance products. These types of plans and coverages are typically harder to find, but the extra effort may be worth it because they usually offer much higher limits for baggage loss and damage with your expensive equipment in mind.
7. Car Rental Collision Coverage
Most people who on a business trip love to rent cars for their stay. If you’re renting a car for your business trip, it’s important to note that the cost of a car accident can be quite high. To avoid being out of pocket thousands of dollars, you may need to buy a Car Rental Collision Coverage.
Car Rental Collision coverage takes effect when you sign the rental agreement, take possession of the rental car as long as it has been paid for. Some insurance companies will cover your rental vehicle for collision, vandalism, windstorm, fire, hail or flood while in your possession.