What You Need to Know About Business Travel Insurance

Business travelers know that anything is possible and that what seems impossible or unlikely can (and often does) happen while you are on the go. So you need to familiarize yourself with the types of insurance options that are available and sometimes even necessary for the professional traveler. Having insurance coverage for a trip can offset any unexpected and potentially financially devastating costs due to the unexpected during travel.


Whether you own the business, work as an independent consultant, or travel for business as an employee, it’s important to make sure that you are covered for worst-case scenario situations on every level. At its core, business travel insurance covers you financially in a wide variety of circumstances that are specified in advance. It can even cover things like non-refundable air fare in case travel plans are canceled, and it can even cover the expenses of the entire trip in the event that a cancellation is necessary.


If you are planning business travel for a company with several employees who will be traveling for business, you need to consider automobile insurance that will cover multiple people as well as a variety of rental car types. This can get tricky, and you will want to try to get a contract rate on overall business travel insurance that would include automobile insurance whenever possible.








Businesses are often offered great deals because of the volume of business they are likely to bring to an insurance company as opposed to an individual who only needs personal coverage. Because of an even greater bargaining power that can come if you plan on purchasing comprehensive business travel insurance from a company, try to combine all your needed insurance into one plan. Companies like Nationwide offer a variety of coverage in one place, such as accidental, business travel, and general liability insurance.


A comprehensive plan can also provide coverage for medical care in case you or another company employee is harmed during the business trip. This is especially important if you are traveling internationally, where coverage that you may have in the US may not apply in other countries.



Although it may seem morbid when discussing it with associates, life insurance coverage and accidental death insurance coverage are necessary during business travel, and they will likely be included with a comprehensive business travel insurance package. If not, these need to be purchased separately.



Then there are smaller details. If you are traveling with equipment, even if it is just an expensive laptop computer, you should be certain to purchase insurance to cover it in case it gets lost, broken, or stolen. This type of coverage can also cover other possessions in addition to business equipment so be sure to get the details from your insurance agent and have a lawyer read all the fine print before agreeing to any insurance agreement.


There is also the possibility that you will be stranded during your travels. While nobody travels with the expectation of being caught up in a disaster, you never know when you may actually be stranded somewhere, even due to things like inclement weather. You can get travel insurance that will cover a specified amount of expenses, up to the full costs, in case you are stranded during your trip. Insurance coverage is available to cover the costs of hotel rooms in case your trip is extended due to circumstances beyond your control.



Don’t forget to include services into your plan such as roadside assistance. Some insurance agents also offer other optional services that can ensure that you avoid the frustration of the high costs of clothes shopping in case luggage is lost or even concierge services.