When you’re going on vacation, you buy business travel insurance to protect your travel investment. That way, if your trip is canceled or cut short for a covered reason, you get reimbursed for your nonrefundable expenses. But wait — you’re not paying for a business trip out of your own pocket, so why pay for your own travel insurance?
The doors of every airport lounge open for you. Flight attendants know you by name. You’re a Diamond Platinum Crown Elite member of every loyalty program.
That’s the glamorous side of being a business traveler. The less glamorous side? Cancelled flights. Mysteriously missing bags. Being coughed on by your seatmate for five hours straight.
Fortunately, business travel insurance can help protect you when things go wrong.
Why do I need travel insurance for business travel?
When you’re going on vacation, you buy personal travel insurance to protect your travel investment. That way, if your trip is canceled or cut short for a covered reason, you get reimbursed for your nonrefundable expenses. But wait — you’re not paying for a business trip out of your own pocket, so why pay for your own travel insurance?
Because business travel insurance exists to protect you and your possessions, and you can’t always count on your company to do that. If your personal laptop gets stolen from the airport, will your company pay to replace it? Or if you fall seriously ill while on a business trip overseas, will your company cover your hospital bill? A solid business travel insurance plan gives you the protection and peace of mind you need to travel with confidence. Also, if you buy travel insurance, you can be covered even if you combine personal and business travel.
- Collision/loss damage insurance, which can protect you from paying for covered rental car damage or theft.
- Emergency medical benefits due to covered medical and dental emergencies that occur during your trip. Appendicitis in Antwerp? Broken tooth in Bogota? You’re good.
- Emergency medical transportation benefits, which provide medically necessary transportation to the nearest hospital or appropriate facility following a covered illness or injury. This is crucial, even lifesaving, coverage for international travel, particularly if you’re visiting remote regions.
- Trip cancellation protection and trip interruption protection to reimburse your prepaid, non-refundable expenses if you must cancel or interrupt your trip due to a covered reason.
- Business equipment benefits and business equipment rental benefits to save the day if your work iPad goes missing while the airline’s handling your suitcase.
- Trip delay benefits to reimburse you for meals, accommodations and lost prepaid expenses when your travel is delayed for a covered reason. Stuck in Buffalo during a record snowstorm? At least you can stay in a cozy hotel.
- Baggage delay benefits so you can purchase emergency essentials if your bag gets waylaid. Keep your receipts to seek reimbursement.
- Baggage loss/damage benefits if that missing bag never does turn up.
What are the limitations of an annual travel insurance plan for business?
Annual travel insurance isn’t the right choice for everyone. If you’re an infrequent business traveler and if all of your trips are in the United States, you may opt instead to buy a domestic travel insurance plan for each trip. Just consider the benefits carefully — the low-cost OneTrip Cancellation Plus Plan, for instance, offers trip cancellation/interruption/delay benefits, but not much else.
Travelers Small Business Insurance Products
Business Owners Policy: This policy, also called a BOP, bundles liability property insurance at a discounted rate. For business owners with a critical interest in their property, this is an easy way to reduce the price of both forms of protection. But it does not provide coverage for professional liabilities (claims that arise from wrongful practices by professionals), worker’s compensation, auto insurance and health or disability insurance. You would need purchase all these policies separately. Travelers small business insurance ratings are good for the BOP
Workers Compensation: As a business owner it is vital to have worker’s comp to cover yourself and your company from legal action. Workers compensation provides wage replacement and pays the medical expenses of employees who get injured while on the job. In exchange for these benefits, the employees relinquish their rights to sue their employer for the incident. It’s also required under most state laws for any business with W2 employees. Travelers ratings for workers comp are good.
Data Breach: Nowadays most small businesses serve a wider market through e-commerce and social media platforms. You will want data breach coverage to restore public confidence, in case you fall victim to data breaches. A good data breach policy provides coverage for cyber extortion, data restoration, notification, legal representation and public relations costs.
Professional Liability: If your business provides a professional service, you need this insurance to cover you when you make errors or omissions in your line of work. This insurance protects your small business from damages if customers make claims that your business was negligent, gave inaccurate advice or misrepresented their services. Travelers business insurance reviews for errors and omissions are mixed.
Employment Practices Liability: Also know as EPLI, it is generally offered as a component of a worker’s compensation policy. EPLI protects companies should workers make claims that an accident or illness was the result of unsafe working conditions. If you’re not sure what’s in your policy, ask your agent to be sure you have employers’ liability insurance.
Commercial Auto: Commercial auto insurance provides protection to you from claims associated with property damage or injuries suffered by others in accidents you and your employees cause in your insured commercial vehicle. Commercial auto insurance is broken up to bodily injury and property damage coverage.
Commercial Umbrella: Umbrella insurance is extra liability insurance. It is designed to provide protection to you from major claims and lawsuits and as a result it helps protect your assets and your future. It does this in two ways: Provides additional liability coverage above the limits of your homeowners, auto, and boat insurance policies.
Management Liability: Management liability insurance provides financial protection helps to businesses, alongside with their directors, officers, managers and executives from allegations of discrimination, wrongful termination, sexual harassment and other “wrongful acts.” It includes directors and office liability insurance, employment practices liability (EPL) insurance, fiduciary liability insurance, and “special crime” insurance (covering ransom, kidnap, and extortion exposures).
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