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    Business Travel Insurance

    Different types of business insurance like general liability and worker's compensation protect your employees from daily work hazards. However, these policies do not provide extensive coverage in business trips. Sending your employees on a work-related trip without the necessary business travel insurance will put both their safety and your company's finances at risk.

    If your employees regularly need to travel overseas or domestically for work reasons, we strongly suggest investing in business travel insurance. These policies cover a wide range of emergencies. Generally, you can have your insurer reimburse several expenses, from trip cancellation charges to emergency medical assistance during health emergencies.

    What Is Business Travel Insurance?

    Business travel insurance provides coverage for expenses stemming from unforeseen events, accidents, crises, and health emergencies, among others. You can get business travel coverage for trips in and out of the U.S.

    What Does a Business Travel Accident Policy Cover?

    Business travelers get exposed to multiple risks, from catching viral diseases to baggage loss at the airport. Fortunately, sufficient travel insurance for business trips can help you mitigate damage and prevent anyone from spending out-of-pocket money. Some mishaps that business travel policies cover include:

    • Trip Cancellation: With the COVID-19 pandemic still affecting global airline operations, having a policy to cover trip cancellations is a solid travel investment for your company.
    • Accidents and Injuries: Make sure your business travelers also have sufficient workers' comp coverage.
    • Property or Baggage Loss: A Forbes report reveals that airlines lose two to six bags per 1,000 passengers.
    • Unforeseen Incidents: Business travel insurance offers wider, more extensive coverage than workers' comp when it comes to domestic and local business trip protection.

    How Much Does Travel Insurance Cost?

    Most policy premiums would cost around 4% to 10% of your trip's total non-refundable cost. Of course, the actual premium varies based on your insurer, destination, state of residence, and nature of work, so it's best to have an insurance agent create a sample quote for you.

    What Are the Three Types of Travel Insurance? 

    Business travelers have the option to choose from the following plans: annual multi-trip, medical evacuation, and comprehensive trip.

    In most cases, your insurance company will sell your one policy per business trip. However, if your employees go on multiple trips almost every month or two, you might want to consider investing in multi-trip plans that provide at least one year's worth of coverage for your company.

    Where Can I Get a Business Travel Insurance Plan?

    Travel insurance is quite common. In fact, a quick Google search will already reveal hundreds of agencies, firms, and insurers that sell various leisure and business trip packages complete with travel assistance services and protection. However, if you need a long-term business travel insurance provider, we recommend going with a reputable, financially stable insurance company.

    Yes, agencies have extremely cheap plans, but you cannot guarantee that these small, local brands have the resources to provide coverage to travelers during extreme crises. In a worst-case scenario, you might even have to forfeit your claims. To ensure quality, reliable coverage, limit yourselves to reputable, globally renowned companies, such as:

    Best Overall: Travelex

    • Up to 150% coverage on trip interruption
    • Free protection for minors
    • Established in 1996

    Travelex takes the number one spot with its extensive coverage, flexible coverages, and very competitive rates. Businesses can even rely on Travelex as their primary insurer for all work- and non-work-related domestic and overseas trips.

    Most Versatile Options: Allianz Travel Insurance

    • Established in 1890
    • Single- and multi-trip plans offered
    • Can insure several travelers at once

    To maximize their offer, opt for their group plans. These insure a specific group of people from your company all year round. Having a set plan in place cuts the planning time significantly as you won't have to worry about paperwork or scheduling anymore. You can dispatch your insured employees any time you want.

    Excellent Medical Coverage: GeoBlue

    • Trusted insurer for extensive medical coverage
    • Established in the 1960s

    For business travelers that focus on medical coverage, try GeoBlue. What sets them apart from other insurers is that they allow policy owners to elect riders or endorsements that would provide coverage on pre-existing medical conditions. On the other hand, the standard travel coverage plan only covers emergency medical assistance on trip-related accidents.

    Assured Standard has multiple resources to help small business owners understand the different insurance coverages they can use to protect themselves and their businesses. Read our complete guide to commercial insurance for more information.

    Frequently Asked Questions

    Does travel insurance cover business trips?

    For business trips not covered by your current company policy, you can purchase travel protection from a travel agency or other third-party.

    What is not covered in travel insurance?

    Travel insurance does not cover losses due to the AIDS virus, pregnancy (except complications of pregnancies), or abortion. Losses due to mental disorders including anxiety, depression and neurosis are also excluded from coverage.

    Can you fly without travel insurance?

    You can go anywhere in the world without travel insurance. That said, getting such protection is an excellent idea that all business travelers should consider. All things considered, it is a small price to pay for the peace of mind you'll have knowing you are protected should something happen during your trip.

    Does travel insurance cover car accidents?

    Travel insurance can cover you for the amount of car hire excess charged by your rental company in the event that a vehicle is damaged or stolen.

    What is travel and accident insurance?

    Travel and accident insurance is a specialized type of insurance plan that acts as life and dismemberment insurance in the case of an accidental death or injury incurred during your travels. The benefits are paid regardless if you have other life or accidental death and dismemberment (AD&D) coverage plans in place.

    When getting travel insurance for business, make sure to calculate the coverage limit properly. You cannot just throw around random numbers. Instead, assess your company's existing travel and health insurance coverage for out-of-town trips, then compare them with the needs of your employees and the company. Fill the gap with extra business travel insurance coverage.

    We also discourage employers from relying on their employees' personal policy. Not only do these have very limited coverage for work-related travel claims, but it is not ethical for any employer to deprive their employee of business traveler trip benefits to avoid paying premiums.

    Assured Standard explains that business owners and professionals can keep themselves safe and secure at all times with sufficient protection. Check out our article on insurance coverage for business emergencies.

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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