Travel insurance is usually considered for things like cruises or larger personal trips. But that doesn't mean that business travelers shouldn't think about it. Turns out there are plenty of times when the right types of travel insurance can come in handy to business travelers, especially self-employed people or any business concerned about the investment and risks of employee trips.
What is Travel Insurance?
At its most basic, though, travel insurance comes in lots of forms—from basic baggage insurance to policies for medical coverage to car rental coverage to complete, comprehensive plans that cover all types of potential risks. [Before you purchase travel insurance, make sure to read these travel insurance purchasing tips.]
For example, travel insurance can be particularly useful for anyone traveling outside the United States who's concerned about their health and/or medical coverage. Older travelers, particularly ones on Medicare, should be aware that Medicare provides little or no coverage outside the U.S.
"A typical per trip travel insurance plan includes coverage for trip cancellation, interruption and travel delay; travel medical expenses and emergency medical evacuation; lost, damaged, stolen or delayed luggage," said Carol Mueller with Travel Guard (www.travelguard.com ) in Stevens Point, Wisconsin. Travel Guard is one of the nation's largest travel insurance companies. "Travel insurance plans from Travel Guard also include a full range of personal and travel assistance services consumers can access before and during their trip."
Figuring Out What You Need
On the other hand, it's also important to keep in mind that most basic travel insurance doesn't cover situations where someone simply decides they don't want to take a trip. Instead, travel insurance policies have very specific allowable (and payable) reasons such as sickness, injury, military duty and more. However, many travel insurance policies do provide a "cancel for any reason" option that does allow travelers to cancel for any reason they want, and obtain a (sometimes partial) refund.
What type of travel insurance you need depends on your needs. In many cases, it may make sense for business travelers to purchase specific insurance for specific risks—such as the loss of baggage or medical insurance for overseas trips. For more expensive trips or in situations where a company wants to reduce its risks, purchasing a comprehensive travel insurance policy from a third-party provider (such as Travel Guard) is a good choice.
Questions to Consider
Before you purchase travel insurance, make sure to ask questions. "It’s important to ask your travel insurance provider specifically what they do and do not cover as it relates to these recent issues such as the volcano eruptions, oil spill, political unrest, etc.," said Mueller. "Companies offer a wide array of plans and you want to make sure you purchase the right plan that fits the type of trip you are taking or addresses the coverage needs specific to your trip."
Travel Insurance Tips
Lastly, it might be worth considering these tips from Ms. Mueller:
Purchase a per-trip travel insurance plan that includes bundled coverage for trip cancellation, interruption and travel delay; travel medical expenses and emergency medical evacuation; lost, damaged, stolen or delayed luggage; and a full range of personal and travel assistance services you can access before and during your trip.
Purchase from your travel agent or directly from a third-party travel insurance provider.
Fully understand what you are getting; read the policy’s description of coverage carefully so you understand what you are covered for; if you are not sure, make sure you purchase from a travel agent or third-party travel insurance provider who can answer all of your questions/concerns
