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.
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.
What will you do? Do you have solution for this? Don’t worry; travel insurance is the solution which will protect you from this loss.
Travel insurance offers features like trip cancellation, loss of luggage, canceled flights etc. Along with this policy if you include medical insurance policy with travel insurance, it can be beneficial for you because there are some places where you cannot afford the medical treatment. For example, US is a place where the travelers cannot overlook because of the rising cost of medical treatment. If travelers are not having any medical cover then they are lumped with costly bills.
However most travel insurance plans include medical needs. Companies can purchase on a standalone basis for individuals and groups. An exclusive business travel insurance plan can help in assessing your medical condition; provide translation or even legal help.
Traveling business people need to take travel insurance during their travel on business because according to recent reports of the Travel Industry Association of America, business travelers are consume nearly five trips related to work in a year.
Entrepreneurs (business owners) need to ensure that the employees get a comprehensive travel insurance policy package. This is likely to cover the medical and leave expenses to the employers. Such expenses could badly affect an employee’s finances and they are likely to look to the employer for help to cover these medical costs. This is more so, if they went on business trip for the business.
If single or more than one person is traveling for business then employers should purchase a single or group travel insurance policy. If employees are traveling more than once a year, then you should buy multiple travel insurance, which is the most cost saving travel insurance plan. Even a group travel insurance plan can also help employees. It offers to help them save more whether it is single or multi-trip. It is necessary that business travelers should look for a plan that help them to be covered for multiple risks that can occur in travel today. An annual plan can be useful for business travelers. It is a plan that covers or provides emergency, medical expense and security evacuation coverage. In this case, trip cancellation is less likely to be important.
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Apple and IBM Announce Global Partnership to Develop Business Apps for iPhone, iPad
Image by ibmphoto24
Cupertino, California — At Apple Inc’s headquarters in Cupertino, California on Tuesday, July 15, 2014, Apple CEO Tim Cook and IBM CEO Ginni Rometty announced a global strategic partnership to redefine the way work gets done by transforming the way businesses and employees use mobile technology through a new class of business apps that bring IBM’s big data and analytics capabilities to iPhone and iPad. The new mobile business apps for iOS are targeted for specific business opportunities in industries including retail, healthcare, banking, travel and transportation, telecommunications and insurance. [For more information: Lia Davis, IBM, 202.285.5333.] (Paul Sakuma/Feature Photo Service for IBM.)
If you have ever tried to acquire a business travel policy, you will realize that they are fairly different from the regular travel policies. Insurance companies take cognizance of the fact that travel for business purposes may involve different kinds of risks as compared to travel for pleasure. Which is why they customize the business travel policies to match the risk assessment.
In a business trip, one is likely to carry certain kinds of equipment for work related purposes. Laptops, Palmtops, printers, cell phones, additional luggage to make a few are certain kinds of equipment that one may carry while on a business trip. Since these are high value items they are at a considerable high risk of theft and damage.
While developing a business travel insurance plan there are various factors to take into account to ensure that all the possible risks are covered and assessed. Some of the elements that are considered are the time taken to travel, the destinations that the business personnel is visiting and the purpose of travel. To give an example, a journalist traveling to Afghanistan will probably be offered a business travel plan with a higher premium as compared to a sales executive traveling to Boston to make a sales pitch. Some insurance companies may offer joint insurance plans.
Before and after you have chosen a particular insurance plan make sure that you go over the booklet provided along with the insurance documents. A few minutes spent on the information may prove to be very useful if the need arises to file a claim.
This booklet contains useful data like the policy number that needs to be quoted in all communication that is made with the insurance company. Some insurance companies insist that the policyholder contact the company within a certain period of time of an incident if a claim is required. Which is why it is vital that this small book be with you all the time. Some companies have a 24 hour hotline which can be accessed in times of an emergency and if cash is required immediately. If the claim is mad on the basis of a medical situation relevant proof and documentation shall be required. Avoid sending the original bills and prescriptions and send only copies unless if is mandatory and mentioned in the policy guidelines.
Be careful also to review the document before deciding where you plan to stay since some companies stipulate that the policyholder should stay in company provided accommodation to be eligible for the claim.
Know your insurance better to be able to utilize it more efficiently and judiciously!
Image by Ed Yourdon
These pictures were taken during a trip to Rome in Jun 2008, where I presented a 2-day seminar on "Web 2.0".
I noticed this couple, sitting on the railing that separates the vehicular roadway from the pedestrian part of the Piazza del Popolo. I couldn’t tell if they were arguing, engaged in a who-blinks-first? contest, or just having a thoughtful conversation…
I can’t help wondering if this couple had any idea how many people would look at their picture (a little over 14,000 as of January 2012), and how many different bizarre blog postings — well over a hundred, at this point, from all over the world — would use the image of their conversation to illustrate their message. To see all the places where the photo has been published (at least, all of the ones that I’m aware of), see below…
Is the demand for business travel insurance increasing in the UK?
Recent reports have indicated that business travel is set to increase in 2014. In this video, we take a look at the survey as well as discuss the importance of business travel insurance.
A survey conducted by the GTMC has revealed that business travel is set to go from “strength to strength” in 2014. The survey was conducted in the final quarter of 2013 and the positive results indicate that that an increased demand for business travel will be seen in 2014.
Howard Holt, a spokesperson for the Health Insurance Group recently said…
In a globally connected world, international travel is no longer an activity preserved for only the bigger companies. Instead, companies of all sizes and industries are expanding beyond not just their locality, but beyond their country. With this worldwide commerce comes the increasing need for affordable international travel insurance for business executives.
Standard travel insurance may not be suitable for business travelers, especially if they are taking business equipment with them overseas, so the services of an independent insurance broker specialising in travel insurance and international healthcare are crucial to ensure that appropriate cover is in place.
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