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Does my business need travel business insurance?

business-travel-insuranceAlso known as corporate insurance, business travel insurance protects a company’s investments in its employees’ overseas travel. These investments include plane tickets, hotel and vehicle reservations, tangible assets and the employees themselves.

Corporate travel is expensive, and many things can go wrong. Flights may be canceled, objects may be stolen, or diseases may be contracted. Travel insurance protects a company’s bottom line if these or other unfortunate things happen.

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How Does Travel Insurance Work?

Businesses either purchase travel insurance per trip or pay for annual coverage. Companies with officers and employees who frequently travel overseas often purchase annual insurance. If any unfortunate event happens while traveling, the policyholder fills out a report and sends it to the insurance company. The insurance company then reimburses the policyholder for the expenses incurred while traveling.

Who Needs Business Travel Insurance?

Any business sending an employee to a foreign country should at least look into buying travel insurance. One never knows what issues might arise. However, for businesses with a strong international presence, travel insurance is definitely necessary. Any business looking to break into international markets should also strongly consider purchasing a business travel policy.

This is especially true if travel takes place in rugged or third-world countries. Plane cancellations, weather events, double bookings at hotels, theft of company valuables or diseases caused by food poisoning are all very real issues for business travelers. At the very least, business travelers should compare and contrast insurance plans to find an affordable, effective coverage policy.

Common Benefits and Features of Business Travel Insurance

Business travel insurance policies encompass a variety of different benefits and features. Some of these come standard while others require a more comprehensive plan. You can compare the plans offered by dozens of different insurance policy providers to determine which one offers the best benefits at the most reasonable price. Our comparison tool makes it easy to enter your information and get results from major business travel insurance providers around the world.

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Some of common benefits are listed below:

* Cancellation Coverage – Ideally, your cancellation coverage should be as broad as possible. You may have to pay extra to broaden the coverage, but it is worth it. By expanding coverage to “any type” and “any reason,” you will be able to avoid paying for canceled hotel rooms, vehicle reservations and plane tickets no matter what caused the cancellation.

* Medical – Travel, Major and Evac – There are three main types of medical business travel coverage. “Travel” coverage only covers short-term hospital stays and is designed for shorter trips. Many of these policies will helpmedical travel insurance with language barriers and provide a list of internationally friendly hospitals and doctors. “Major” coverage takes the place of a standard health insurance policy. It pays for regular doctor’s visits and is used for long-term travel and overseas postings. “Evac” medical coverage pays if an employee needs to be immediately evacuated or transported to adequate medical facilities.

* Accidental Death Insurance – Accidental Death coverage provides for the policyholder’s beneficiaries if a plane or other fatal accident occurs. It is a highly specific life insurance policy that many travel insurers include in their comprehensive travel policies. The risk of death is much higher while traveling overseas.

* Luggage Liability Coverage – This coverage is essential for business travelers carrying expensive items. It insures against the theft, destruction or damage of expensive items like electronics, clothing, business products and other valuables. Business suits and laptops can cost a lot of money to replace, and theft is a major issue in some parts of the world.

* Travel Document Protection – Documents like passports are some of the most commonly stolen items around the world. This coverage can help to pay for and expedite the replacement of sensitive identity documents.

* Comprehensive Trip Assistance – Many business travel insurers will also offer a comprehensive assistance program. This is very useful if you are not familiar with the culture, language or area. Assistance options include language assistance, professional recommendations or even navigational help. They are usually available 24/7 through a toll-free call.

Common Issues and Exclusions

Below are some of the the most common issues and exclusions that need to be noted when purchasing business travel insurance:

Medical Exclusions

Your business travel insurance plan will not always cover any expenses you incur while traveling abroad. Medical expenses due to pre-existing conditions, war, terrorism or alcohol/drug use are not covered, nor are sexually transmitted diseases, unlisted adventure sports or anything caused by negligence on your part. First trimester pregnancy expenses are generally covered by business travel insurance, though later trimesters are not always covered.

Fraud/Negligence Exclusions

Your business travel insurance policy will not cover damages or theft if the insurance company deems you were being negligent with your belongings. Likewise, if you fall victim to fraud, your business travel insurance may not cover your losses.

Compare Business Travel Insurance Today!

If your company does a lot of international business, consider purchasing a business travel insurance policy. Anything could go wrong in a foreign country, and you want to be protected in the event of cancellation, disease, theft or injury. You can get the best deals on business travel insurance by comparing different offers on our site. Price shop business travel insurance quotes from all of our listed providers and choose the one that fits your company’s needs today!

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