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5 Reasons to Get Business Travel Insurance

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Whether it is a brief visit to another part of the country or a week long trip abroad, business trips to visit critical clients and other important companies are a vital part of keeping any business running successfully; and for every trip, you’ll need some kind of business travel insurance. If you only have to travel every once in a while, single trip cover may be sufficient, but if you travel many times each year you’ll want to invest in some annual business travel insurance. Either way, there’s no excuse to scrimp: here are five situations when the small cost of insurance could save you a lot of hassle…

The other company cancels the meeting at the last minute…

An ordinary holiday can be cancelled for all kinds of reasons, but for a business trip there are even more factors that can lead to a meeting being cancelled or rescheduled, leaving you or your company to foot a significant cancellation bill. Business travel insurance will cover cancellation as standard, so even if things change at the last minute, your costs will be covered.

You fall on or before the trip…

If you fall ill on or just before a crucial business trip and there is no-one to replace you, the consequences for your company could be catastrophic. Most good business travel insurance packages will cover the cost of replacing you with a work colleague (including their flights and accommodation) so that the trip can be concluded successfully in your absence.

Some vital equipment is lost or stolen…

Whether it is a PDA filled with important information on it or an expensive laptop with a crucial presentation, most business trips can revolve around a vital piece of equipment – if it is lost or stolen, it can hurt your wallet and ruin the business trip. Annual business travel insurance will provide you with year round cover for business equipment that is lost or stolen while you are away (and in most cases, they will pay for a courier delivery of the new item.) Of course, the data may be irreplaceable, so make sure that you back up any critical information on a USB stick.

Business travel is excluded from your existing insurance…

Many people assume that they have cover for business in the annual travel insurance they already have, but this often isn’t the case. Many travel insurance policies are for holidays only and have exclusions for business travel. Read the small print carefully, and make sure you get full travel insurance for business trips if you aren’t covered.

You need to be hospitalised after an accident…

Whether it is just a cracked rib or something much more serious, medical care abroad while you are uninsured is no laughing matter. With so many business trips to America (which can have medical costs running into thousands of pounds) it really pays to have some decent business travel insurance. As outlined above, many standard travel insurance policies exclude business trips, so make sure you get the right kind of cover and avoid the threat of massive medical costs.

Patrick Chong is the Managing Director of Journey’s Travel. Their commercial travel insurance website, Insuremore, offers cheap annual business travel insurance and offer a quick and easy online claims feature.

The Quad
Business Travel Insurance
Image by bill barber
My daughter Meg runs a little daycare business in Cambridge, Ontario. She originally trained at Sheridan College, Oakville, to be a gerontologist. For a number of years, she worked as a recreational program developer at Sunrise Assisted Living of Mississauga. When Gavin was born, she became concerned about the costs she would incur if she went back to work: daycare costs for Gavin and Tyler, travel, insurance, etc. She was also concerned about daycare quality and daily commute time. She figured that, if she opened her own daycare, she’d be ‘in’ almost as much money after taxes, as she would have earned by returning to her old job. She’d also be less stressed at the end of the day.

By regulation, she is allowed to care for up to five children per day, and her waiting list is huge.

Several months back, Karen and I bought her a used quad stroller. Here it is. Try pushing this sucker uphill when it’s got four kids in it.

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