Travel insurance doesn’t just benefit vacation travelers. With the rising cost of travel, more business travelers are relying on travel insurance to reduce their costs and minimize risks from last-minute changes in travel plans. Whether you are trying to mount a mass exodus to a convention or just planning a business trip for one or two executives, the right kind of travel insurance can offer real protection. Consider some of these common scenarios:
- Air travel: To get the best fare, it makes sense to purchase non-refundable tickets. However, travel plans often have to change because of business demands, family emergencies, or inclement weather. With a minimal investment in trip insurance, travelers are covered against travel cancellation, missed connections, travel delays, and other problems. The few dollars needed for travel insurance would more than offset the cost of having to change a plane ticket to make an important meeting or book a last minute hotel room in case of a delay.
- Emergency medical coverage and medical evacuation: Many company medical plans only cover emergency medical overseas. If someone has to be hospitalized, they need travel insurance to cover the medical costs. This would save the company from having to pay for the medical bills. Medical evacuation insurance is critical in these cases because the cost of an evacuation to get an employee home can be as high as $100,000.
- Cancel for any reason: You want the savings of prepaid plane tickets and prepaid hotel accommodations, but the client meeting is canceled at the last minute, or a company emergency arises and your boss changes your travel plans at the last minute. With cancel for any reason travel coverage, the advanced outlay for travel expenses would be totally covered so the company would not lose out.
- Baggage and personal effects: If you have to send your road warriors out armed with projectors or special equipment, travel insurance can protect you against loss or theft in transit.
- Portable electronics: We have a new policy offered through Worth Avenue Group that provides coverage for iPads and laptops against breakage, or theft with a deductible as low as $25. This is a unique offering in the travel insurance industry – most underwriters won’t cover electronics – and a real must for any business traveler who carries a computer.
When booking corporate travel, travel insurance is a smart investment. Your company can take advantage of non-refundable fares and still be covered in case the trip gets cancelled. You are responsible for the medical expense for your employees when they are overseas. It makes sense to invest in a travel insurance plan that includes medical expense and medical evacuation coverage. It costs so little for the average business trip, but will save an enormous expense if the employee gets sick or hurt and must be brought home in an evacuation. Getting coverage for their electronics is much cheaper than having to replace them if they are damaged or stolen.