Business Travel Insurance

Quick Summary
Do your business growth plans depend on you and your employees regularly engaging in domestic and even international travel? If so, you should consider providing business travel insurance coverage as part of your benefits package. Employees who travel on behalf of your business are putting themselves at risk for the sake of the business, and, in general, employers are responsible for their employees while they are traveling and performing work-related activities. Having sufficient travel insurance in place shows that you value your most important business asset – your people, and provides important financial protection for your company.

Travel Insurance Basics

Business travel is inherently stressful. You don’t want to worry about the considerable risks that are always lurking as part of the travel scenario, such as trip cancellations, missed flight connections, lost baggage, terrorism, weather disasters, and medical emergencies. Travel insurance can provide peace of mind knowing you have some financial protection should things go awry.

Types of Travel Coverage

Travel insurance can include many specific types of coverage, and they fall under five main categories: Trip Cancellation or Interruption Insurance; Medical Insurance; Evacuation Insurance; Baggage and Personal Items Loss; and Life Insurance. Coverage can be primary, meaning it pays regardless of other insurance you carry, or secondary, meaning the travel policy covers costs not reimbursed by your primary insurance providers.

Protecting Your Employees & Your Business

A comprehensive travel policy can be a valuable employee benefit and a good way to attract and retain top talent. It shows you care about the health and welfare of your trusted employees. It also protects your business from the potentially large financial losses that may occur if plans change or are interrupted, or if disaster strikes. Your business can pay for the coverage outright or the employee can purchase appropriate coverage on a per-trip basis and then get reimbursed by the company.
 
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