Business Travel Insurance

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Business Travel Insurance

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Many may make mistakes before a meeting, overseas conference, overseas office visit or other planned business trip. You may lose or damage your luggage at the airport. Your travel plans have to be canceled suddenly due to a personal emergency. Or you may get sick while away from home.

For these and other reasons, it’s wise to consider business travel insurance. This coverage should protect you financially when you’re commuting or traveling.

Find out more about business travel insurance, how it works, what it doesn’t cover, who should buy business travel insurance and whether this level of cover is right for you.

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You have home, car and health insurance. You may even have life insurance. But where do you turn if you want to financially protect yourself from a business trip? Fortunately, you can purchase business travel insurance as well as corporate travel insurance or business trip insurance.

“Business travel insurance is insurance designed to protect people who are traveling for a specific reason for business. It offers comprehensive protection against accidents and unexpected expenses that may occur during a business trip,” explains Mark Friedland, St. John’s, Florida.

Many expenses associated with future business travel must be paid in advance and are non-refundable. This means that if something happens that prevents you from traveling, you could be on the hook for hundreds if not thousands of dollars. This is where business travel insurance comes in handy.

“You can buy a single-trip policy that covers expenses incurred on a single trip — usually between predetermined travel dates,” writes Andrew Schrage, CEO of Boston-based Money Crashers. “Alternatively, you can choose an annual or multi-trip policy that covers expenses incurred during the policy’s effective period — usually one year — regardless of how many trips you take during that period.”

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Stan Sandberg, founder of TravelInsurance.com, says many consumers choose business travel insurance to cover travel interruptions/interruptions offered.

“Standard trip cancellation cover will cover non-refundable, pre-paid expenses if the insured traveler has to cancel for any reason, falls ill unexpectedly,” he says.

Medical emergency and health care coverage are popular standard features in most plans.

“This is especially expensive for those traveling abroad, where regular health insurance is not available. And people with chronic conditions can find cases of inflammation during travel by announcing before a business trip,” says Justin Albertinas, travel industry expert and CEO of Ratepunk.

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Good candidates for purchasing business travel insurance travel frequently for work but are not covered by their employer.

“While most large employers likely have travel insurance plans to cover their employees’ work-related travel, personal travel insurance plans are typically aimed at independent contractors and small business owners,” adds Friedland.

Business travel insurance policies typically run from 5 percent to 7 percent of the total cost of the trip. “For example, travel insurance for a $3,000 business trip costs between $150 and $180 more than the premium for the policy,” says Friedland.

What you will pay depends on the type of policy, destination, coverage income, age and other factors. Schrage adds, “A basic trip interruption/cancellation policy can cost anywhere from $10 to $20 per day, while a more comprehensive policy can cost $50 or more per day. Policies that include voluntary cancellations, called CFAR policies, only cover forced cancellations.” 50 percent to 100 percent more expensive than an inclusive policy.”

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Choosing a higher premium may lower your premium, but you’ll pay more if you have to file a claim.

“For example, choosing a $200 deductible means you’ll pay before your coverage starts. Co-payments, co-insurance and out-of-pocket costs mean costs beyond coverage limits,” says Albertinas. “It’s important to carefully review all policy details and premium quotes and understand the trade-offs so you can choose the right plan while balancing premium costs, deductibles and co-pays.”

Getting travel insurance is almost always a smart idea. But the truth is, it may be an unnecessary expense if you have free coverage with your credit card, which some cards offer.

“Most business credit cards offer an out-of-pocket cost for business travel. If you use a credit card to pay for eligible travel expenses, it’s better than buying a separate policy,” advises Schrage.

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The most common types of coverage included in credit card-backed business travel insurance include trip interruption/cancellation, accidental death and dismemberment, and

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