Complete Guide To Obtaining Business Travel Insurance

If you intend to travel for business, you should include business travel insurance coverage to protect yourself in the event that something unexpected occurs. For example, you could experience a delayed flight, baggage loss, stolen company property, illness, or even an accident. Purchasing business travel will bring you with peace, knowing that you are protected and can focus on your work, making your trip less stressful.

Do I Need Business Travel Insurance?

Even if it is not legally necessary, you should always acquire business travel insurance before embarking on a business trip. Thus, with business travel insurance, you are protected in the event of any disasters, such as becoming ill, having your belongings stolen, being robbed, and so on. However, you only need business travel insurance if you are traveling for business—or if you fall into one of the following categories:

• An employee sent on a business trip for their company.
• A business owner whose employees frequently travel.
• A freelancer or self-employed person who often travels on business trips.

Of course, some companies pay for their employee’s travel business insurance — so make sure you check with your employer whether they provide business travel insurance or not.

Best Business Travel Insurance Companies

Some of the best companies that offer global business travel insurance include the following:

• AXA.
• Allianz Travel Insurance.
• IMG Travel Insurance.

Types of Business Travel Insurance

There are several types of business travel insurance you can purchase depending on the frequency and destination of your travels:

• Single-trip: If you do not travel regularly over the year, this sort of business travel insurance is ideal. As the name implies, this sort of insurance is sufficient to cover the necessities and business equipment for a single trip and is reasonably priced.
• Annual business travel insurance: Annual business travel insurance is ideal if you travel frequently. In this case, purchasing a yearly business travel policy will save you money over purchasing single-trip policies for each business visit.
• Domestic business travel insurance: If you live in the United States yet travel frequently, you might consider purchasing domestic business travel insurance. This form of insurance will cover you anywhere you go in the United States. This applies to anyone who travels for large distances within their own country.
• International business travel insurance: If you frequently travel beyond your home country on work, you should purchase international business travel insurance. International insurance will protect you and your business equipment worldwide, regardless of where you are traveling from.

Business travel insurance can also come in an individual package, covering you individually— or in a group package, covering a team headed out on a business trip.

Business Travel Insurance Costs

Business travel insurance should cover 9% or 11% of the overall trip, but the cost of a business travel policy depends on many components:

• Age— travel insurance generally tends to be less expensive if you are younger, between your 20s and 30s, and more costly if you are over 60.
• Activities— some people often participate in different activities and sports while on a business trip. If you choose an insurance policy to cover the extra costs of leisure activities, you will pay more.
• Destination— if you are traveling to specific destinations such as the US or Canada, you will be required to pay more due to the high medical costs in those countries. In fact, some travel policies do not cover the US at all, so make sure to check your plan in advance.
• Trip duration— the longer your trip takes, the more you’ll be required to pay for your insurance policy.

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What Does Business Travel Insurance Cover?

Business travel insurance policies usually cover the following:

• Business equipment and tools, i.e., phone, computer, business books, stationery, samples, merchandise, etc.
• Documents related to your business in case of loss or theft.
• Company money that you use to pay for the business trip.
• Medical insurance covering emergencies, including repatriation.
• Baggage delay, loss, or theft.
• Trip cancellation fees.
• The costs of sending a colleague to replace you in case something happens.

Business Travel Insurance for Self-Employed

If you are a freelancer or self-employed person who travels for business many times a year, you should purchase business travel insurance. But first, check with your bank to see if they offer any kind of coverage through your credit card that would meet your needs – though these plans typically only provide basic benefits.

Corporate Business Travel Policy

A corporate business travel coverage is a type of insurance that a company purchases to safeguard its personnel while on business travel. This form of business travel policy is paid for by your employer, and the coverage plan provides varying advantages depending on the package your employer purchased. You are not required to get business travel insurance if your firm provides it.

What Is Business Travel Accident Insurance?

Business travel accident insurance (BTA) is an added benefit to your business travel insurance in case of accidental deaths and dismemberment while you are away on a business trip.

A BTA plan will usually cover the following:

• Emergency medical and/or air evacuation.
• Treatment out of the country.
• Accidental death.
• Dismemberment and permanent disability.
• Reparation or return of remains.
• Flight accidents.
• Natural disasters.

If you want a more detailed policy and your business trips are in dangerous places, you can add the following benefits to your BTA:

• Kidnap/ransom
• Political evacuation
• Hijacking
• Rescue
• Hostage situation

Buying BTA Insurance: Is It Worth It?

Travel can be unexpected, but you don’t think of death, dismemberment, or permanent disability on work trips. Thus, accident expenses may be expensive. When going abroad, BTA gives you piece of mind that you’re insured for any outcome. BTA coverage may be worth the extra cost in the long run.

What Is the Difference Between Business Travel Insurance and Travel Insurance?

A business travel insurance policy is similar to a travel insurance plan, but it includes additional protection for your business equipment and business travel accident coverage. With business travel insurance, you’ll be able to cover additional costs that regular travel policies do not cover. For example, having your expenses paid in case you become unwell and require a coworker to fill in for you.

Travel Insurance for Business and Pleasure

Typically, business travelers also vacation. They even take their family on vacation following the business trip. Travel insurance can be complicated.

Employer travel insurance covers only you, not your family. Your business travel insurance won’t cover holiday sports or activity accidents. Many insurance carriers offer a bundled plan that includes sports and leisure activities to minimize difficulties. Check your policy for holiday insurance.