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.