Connor Campbell
Holly Bennett
As anyone who has been on holiday knows, even the most carefully planned trip can still go wrong. Business travel is no different, but there are steps you can take to protect yourself.
Read on to find out more about what business travel insurance covers, when you might need it, and how much it costs.
» MORE: Do I need business insurance?
What does business travel insurance cover?
There are a range of scenarios that business travel insurance will compensate you for. As standard, this tends to include:
- disruption to travel, such as cancelled flights, delays and missed connections
- cancelling your trip ahead of time or cutting it short due to unforeseen circumstances, such as a sudden bereavement
- replacing lost, stolen or damaged baggage and belongings, including passports
- paying medical costs if you fall ill and medical repatriation costs if you urgently need to return home
- legal support if you have an accident or become ill
More extensive business travel insurance cover may also protect any business equipment or samples you need to take from theft, loss or damage. This includes paying for you to buy or hire replacement equipment while you are on your trip.
» COMPARE: Personal travel insurance
Do I need business travel insurance?
It can be hard to predict what exactly could go wrong on a business trip. That is why getting business travel insurance is such an important precaution to take.
If you are an employee, rather than a business owner, first check if you are covered by your company’s business travel insurance policy, or whether you need to get your own. The same is true if the trip is booked for you. If you do have to buy your own insurance, also check if you’ll be reimbursed .
What does business travel insurance cover?
There are lots of situations where you might be relieved you had business travel insurance in place. Here are a few examples:
- If a sudden family bereavement means you can’t make your trip, business travel insurance can compensate you for cancelling your flights.
- Your policy would pay for a new flight if you had to race back home at short notice for a similar reason. In this instance, it may even pay for a colleague to fly out and complete the business trip in your place.
- If you fall ill while on your business trip in a country without free medical care, your business travel insurance would pay for your treatment. It would also cover the cost of returning you home if medically necessary.
- If your rental car breaks down en route to the airport, causing you to miss your flight, business travel insurance can cover the extra transport costs to get you home.
- If your work laptop gets stolen or damaged on your trip, business travel insurance can pay for a replacement.
- If your luggage is delayed for more than 12 hours leaving you without a fresh suit for your big meeting, business travel insurance can cover the cost of buying new clothes.
Business travel insurance single trip vs annual policies
When looking into buying business travel insurance, you can usually choose between single trip insurance and annual insurance.
- Single trip business travel insurance: You would take out this kind of short-term policy if you are only intending to make one business trip in a year.
- Annual business travel insurance: If you are likely to make a few business trips in a year, the flexibility of an annual policy may suit you better.
Of course, business trips are often conducted as a group. It is possible to take out business travel insurance for your entire party under the same policy if you are all travelling together.
How much does business travel insurance cost?
Like with most insurance, the cost of your premium will depend on the amount of cover you choose and your individual circumstances, including:
- whether it’s a single trip or annual policy
- how many people you are looking to insure
- whether you or any travelling companions has a medical condition
- whether you need cover for luggage, valuables and business equipment
- where you are travelling to and for how long
- the risks associated with your industry
- whether you need cover for leisure activities such as winter sports
If you need to make a claim, you may have to pay an excess towards it, depending on what you’re claiming for. Your policy documents should explain the amount and when it applies.
» COMPARE: Business insurance
Image source: Getty Images
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