Families going on holidays and young adventurers setting out on extended trips usually do not leave home without their travel insurance in place. But business travellers are a different breed altogether. Nevertheless, business travellers could face the same risks as leisure travellers. So if holiday trippers do not leave home without travel insurance, business travellers should not either. After all, while leisure travellers stand to lose their investment, business travellers could lose out on their money as well as on lucrative business deals.
Basic Coverage for Business Travellers
Travel insurance can protect business travellers from a variety of risks - everything from flight cancellations to medical emergencies and security evacuations could affect an official trip. Thus, individuals who are travelling for business purposes should have certain types of coverage in place.
At the very least, business travel insurance should provide sufficient coverage to meet medical expenses and possible evacuation costs for the traveller as well as loss or damage to equipment required for the business trip. These are the absolute basic covers needed for business trips. Other things that matter include coverage for missed connections, delays or interruption of the trip as well as luggage loss or delay in its arrival at the destination.
Wider Coverage Options for Business Trips
It helps to have coverage in place to meet the costs of possibly replacing valuable business documents in case of loss or damage. If an employee cannot travel as scheduled, the insurance cover could offer provisions to send someone else in his/her place. When delays take place, it certainly helps if the policy gives the traveller free access to business lounges and other facilities.
Employers should also consider shelling out for business liability insurance. This would protect your company against the costs of possible legal suits filed against a travelling employee. Another important insurable area is company cash carried by an employee. This is particularly useful for companies operating in sales.
Employees seeking individual travel insurance for business trips may not have to bother with flight cancellation or trip interruption costs (since the employer will cover these expenses). But he/she might consider getting individual coverage for pre-existing medical conditions and loss or damage of personal effects, among other things. If the trip is affected due to evacuation proceedings, a personal policy that covers evacuation costs would hold the individual traveller in good stead.
Why Are Annual Plans Recommended?
Business travellers are usually frequent travellers. Whether you are an individual who travels on business more than thrice a year or an organization that sends its employees on regular tours, a multi-trip annual policy usually makes more economic sense. Not only does it provide coverage over an extended period, it also offers better deals, allowing you to save in the bargain.
On the other hand, companies and individuals that operate locally and require only occasional business tours, could consider buying short stay policies instead. As with other kinds of insurance policies, travel insurance plans for business trips also vary from one case to another.
Don’t Forget to Shop for Deals
As always, there is no substitute for shopping around extensively. Both organizations and individuals must make it a point to read the fine print before purchasing a business travel insurance policy. Do not just assume you have coverage; make sure you are covered for all possible contingencies before signing on the dotted line.
The author is the CEO of MyInsuranceClub.com, an online insurance price & features comparison portal
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