If you’re planning to travel for business, one of the travel management items you may have to prepare for is travel insurance. Business travel insurance is a safeguard for you against many possible inconveniences and negative scenarios you may encounter while traveling, such as losing your baggage or if you meet an accident while in a different country. So if you’re looking to know how to find business travel insurance and what factors to consider when choosing amongst your options, here are some tips to help you out:
- Know how much coverage you need. There are mixed reviews about the need of an average business traveler for travel insurance. Some say that business travel insurance is unnecessary since the scenarios it covers are also covered by credit card policies and homeowners policies. Some examples of scenarios covered by most credit cards include lost baggage, international medical insurance, and international road assistance. However, many other experts would say that traveling without insurance is just not a wise thing to do; so the best solution is to look out for whichever coverage you wouldn’t need anymore in order to reduce your premiums and to lessen your travel expenses.
- Find out what the necessary coverage is. Though it mostly depends on your specific situation which type of business travel insurance you’d be needing here are some of the most important ones that a good travel insurance should cover: medical cover (even if you already have the European Health Insurance Card if you are traveling to Europe); flight cancellations; lost and stolen possessions; and 24-hour emergency service and assistance. You could also opt for colleague replacement cover, which allows a co-worker to travel in your place in case you’re not able to make the trip for whatever reason. It’s also good to inquire whether the policy would cover you against terrorist attacks (a valid concern specially after 9/11).
- Do comparison shopping. It’s always a good idea to have a short-list of options before you settle on one insurance policy. Some places that could help you do comparison shopping include moneysupermarket.com, travelsupermarket.com and insureandgo.co.uk. Check with your corporate travel agency about their recommended business travel insurance providers. Once you find a good insurance company to cover for your business’ travel insurance needs, inquire whether they have reduced rates on travel group coverage and if they offer discounts on long-term coverage plans.
- Avoid getting scammed. You wouldn’t want to shell out your hard-earned money for nothing, and it definitely pays to know how to tell whether the travel insurance being offered to you is legit or not. So when choosing amongst the different insurance options, here are some things that you’d have to look out for: whether the agent selling you the insurance is licensed (do this by confirming with your state insurance department). If it is backed by a certified underwriter (check out ustia.org and see if the insurance company’s name is listed there); and whether there are clauses and conditions that may prove detrimental to you (look out for example on their policies about pre-existing conditions and see if these policies would render too many possible emergency scenarios uninsurable). Read the fine print and look for other important details such as whether the policy is truly an “insurance” (which must be certified by the state) or merely “travel protection” (which does not have such certification).
There you have it! These are just some of the ways you can find and choose the business travel insurance for you. Always remember, though, that one of the best ways to enjoy peace of mind while traveling is by following travel tips. Being careful while traveling would lower your chances of meeting an unfortunate scenario, and safety would definitely help you focus more on your goals for traveling. Good luck!