Travel Insurance for business travelers

Get insured; Travel safe!

Travel is an intrinsic part of business. Everyone, from a small business owner to someone handling a large corporation needs to travel for business at some point or the other.

Thankfully, with business insurance you could safeguard yourself against all such possible risks while out on your business trip.

Here is a look at travel insurance for business travelers and how it should be a part of every business trip:

Understanding Travel Insurance:

Travel insurance safeguards you from any unforeseen situations and circumstances when you are travelling. These may include medical and non-medical emergencies. Usually travel insurance plans offer protection against loss of baggage, baggage delays, flight delays, any loss of important documents as well as medical emergencies should you need medical attention while on travel. The fact that medical treatment can be quite draining financially, especially overseas is alone a good enough reason to never leave home without travel insurance.

Opt for the right type of travel insurance:

Single trip insurance: You should opt for single trip insurance if you are just going for a one-off trip. The premium you will be paying for a single trip insurance will depend on the country or region you are visiting and the number of days of travel.

Multi trip insurance: If you are one of those business travelers who keep on travelling frequently then opting for a multi trip insurance is more cost effective. Your age, your overall health and the tenure of each visit will determine the premium that you will pay for a multi trip travel insurance plan.

Domestic travel insurance: If you are only travelling domestically you could opt for a domestic only travel insurance, which offers you protection at lower premiums than international travel insurance.

How to choose the right travel insurance plan?

Choosing the right travel insurance plan is important and you do not want a situation wherein your travel insurance does not offer full protection for your needs.

Make travel insurance destination centric: It is always a good idea to get customized travel insurance plans depending on the nature of your destination. If you are travelling domestically opt for a domestic insurance plan, but if you are travelling overseas contemplate the risk factors of the country, the cost of medical care and other risk factors before opting for a country centric travel insurance plan.

Know your travel duration: Since single trip travel insurance plans are cheaper than multi trip ones you must know your travel itinerary beforehand to get the best quote for your travel insurance. If you visit the same destination twice in a short period you are better off taking a multi trip insurance rather than two dedicated single trip insurance plans.

Do not forget to compare plans: You may be a high flying businessman hard pressed for time, but picking up the first travel insurance plan you come across is a bad idea. As a business traveler, make sure you are comparing at least a couple of plans before finalizing the one for your needs.

Travel insurance is a lesser popular protective product compared to life and general insurance but it is worth its weight in gold especially for business travelers.

Have you ever benefited from travel insurance? Do share your story.