Business Travel Insurance Policy – Getting The Right One

If you travel regularly on business, you should always carry a business travel insurance policy. This is essentially just a insurance policy for traveling that is customized to the needs of the business traveler. Nearly all of these insurance policies for business travelers will include coverage of any travel arrangements, luggage loss, and rental car accidents.

While it is possible to purchase a policy that will cover a single trip, for regular business travels, annual business travel insurance policies are typically a better deal. Insurance plans for business travel are usually cheaper than regular insurance plans, depending on coverage needs. It is also cheaper to purchase domestic business travel insurance plans than insurance coverage for international business travels.

Typically policies for business travels will include up to $50,000 in benefits whether it is a one-time policy or an annual policy. But regular insurance plans often caps coverage at $25,000.

Luggage coverage goes beyond just checked luggage. It also covers laptops, cell phones, pagers, projectors, and any other equipment the business traveler typically carries.

If the trip gets interrupted by bad weather or mechanical problems the business policy holder can cancel the trip and be reimbursed for the cost of the trip.

This plan also includes trip cancellation insurance which is much like regular travel insurance’s trip interruption coverage. However, business policies usually include more coverage, such as allowing for changes in accommodations to complete the trip.

Funds are provided for anything lost on the trip. This can be very important if passports or tickets are lost during the trip.

You may also be able to get some legal services in case of accusations of crime by you or crime committed against you. Generally luggage or equipment that is stolen is covered. In some cases even kidnapping ransoms will be replaced by your business insurance policy.

One of the coverage benefits you’ll want to look for in your coverage is medical expenses. You’ll want to know for sure whether all medical expenses are covered or just accidents and emergencies. In particular, find out what kind of coverage is provided for illness. Many travel medical insurance policies cover emergency evacuations, but many do not cover other medical expenses. You’ll have to decide how much medical coverage you need.

Fortunately, even with all of the available coverage options, business travel insurance is generally quite affordable. Some other features that may be included with your business insurance plan include road side assistance and life insurance.

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How to Take Advantage of Business Travel Insurance

Depending on your kind of business, it may be necessary for you to travel, sometimes even out of the country, particularly if you hold a high position in your company. If you are in such a position, you should make sure that you take advantage of a business travel insurance. Perhaps you may wonder why this is necessary. Let us take a look at some of the benefits you will get.

This type of insurance will be particularly helpful in case you are self-employed. In the unfortunate event that you fall victim to a robbery, you may loose nearly everything you have. If you do not have a business travel insurance, you will be forced to struggle to recover your great loss all by yourself.

There are a number of factors you need to take into consideration before you take your business travel insurance. If you are travelling to another country, you should first of all confirm that the insurance you would like to sign up for is recognized in the country you are going to. If you happen to take a business travel insurance that is not accepted in the country, it will not be of help to you there. There are different policies and it is also important that you take one that really suits you, examples of which are backpacker, specialty, and worldwide policies.

Here are some of the steps that will help you to find a convenient business travel insurance policy.

– In your bid to compare a variety of policies, you should not just focus on their respective costs. Instead, you should determine their various product features, exclusions, and cover benefits.

– Take enough time that will give you the opportunity to cancel the policy you have taken in case you find some problems with it. Your money will be refunded.

– Determine whether an annual or a single business travel insurance is right for you, depending on the frequency of your travels.

– With an annual business travel insurance, even those trips that you take over the weekends will be covered.

– Travel agencies and tour operators usually give their customers some special offers. However, you should first of all determine whether such offers will really benefit your business.

– Make it a habit of carrying a copy of your insurance, including the help line number, but do not carry it in your wallet. Ensure that it is safe.

– You should see to it that your business travel insurance has medical cover. As a whole, you should have a good grasp of the policy you are taking.

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A Beginners Guide to Business Travel Insurance

For business trips, a corporate insurance plan is necessary for those needing something more than standard cover whilst retaining the benefits of a standard travel insurance policy – cancellation, medical, luggage etc

Business travel cover will insure your laptop, mobile phone, palm & other related business equipment & include the hiring of replacement items. This also includes the recreation of business documents lost, damaged or stolen during travel.

3 Key Advantages of Business Travel Insurance

Corporate Travel Cover should add 3 key advantages to the plethora of benefits offered by a standard holiday insurance plan:

Business Equipment Cover
Hire Business Equipment Cover
Recreate Commercial Documents

That is the insurer should pay for accidental loss, theft or damage of equipment (Computer & accessories, other commercial related equipment and business documents).

The insurer should also pay you for the hiring of alternative business equipment in the event of accidental loss, theft or damage to business equipment, including misdirection or delay in transit of said equipment.

With regards to work related documents, the insurer should pay for the re-creation of business documents, plans & presentations if they are lost stolen or damaged.

Question: What if I am going on a combined holiday & work trip? Will a business insurance policy cover me?

Answer: It should. However if you travel regularly throughout the year, you may be interested in purchasing a multi trip insurance plan.

Business Travel Insurance vs Regular Travel Insurance

Remember, with work related travel, lots of wildcard scenario’s can occur.

The other company can cancel the meeting at the last minute. This often leaves the travelling company to foot the bill, however this would be covered by standard trip cancellation.

Other incidents can befall a business traveler: general illness, business critical equipment can be stolen, lost or damaged. These factors are all things to consider when booking a business trip.

With regards to the value of your equipment, business trip insurance will provide far more cover than a regular travel insurance policy.

While a regular holiday insurance policy will provide coverage for lost, stolen or damaged luggage, this is not the same as the specific cover for business related equipment.

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