The following is a guest post on business travel insurance. Once in my job I had to travel between India, UK and US. I have a first hand experience on the insurance need while on business trip. One of my colleague got injured in an accident and the lack of coverage required our the-then employer to bail him out from the hospital. Do not neglect this essential step while you are on a business or any trip outside your home country. Enjoy the post!
If you are arranging a business trip for yourself or an employee, one of the most important things you will have to arrange is travel insurance. But what exactly is business travel insurance, and how does it differ from a personal insurance policy? Here’s what you need to know.
What Does Business Insurance Cover?
Business travel insurance is often based on a standard insurance policy, so it will have all of the things you expect from a standard policy along with some added extras. These vary from company to company, but the following are some of the most common things that are included on most policies.
Business equipment is one of the most common things that is included. Many business travellers will carry equipment such as expensive laptops and tablets with them, which they may need for meetings and to carry out work on the go. Should they get lost or stolen, the costs involved in replacing them can be significant, and this is one thing that most business insurance policies will cover.
Equipment hire may also be included. This covers the cost of hiring a laptop or other equipment should yours be lost, stolen or delayed in transit. While a laptop may be expensive to replace if it is lost, the need to get access to a laptop quickly may be very important for any business traveller, so the opportunity to get hire costs covered can be useful.
Business money is often included. This covers any cash that gets lost or stolen up to a certain level. A policy may provide extra cover for work money in addition to personal money.
Replacement personnel is another thing that can be very useful. This will cover the extra costs involved should you or your employee be unable to attend an important meeting or presentation due to serious illness or injury. This could include cover for the costs of the flight and the accommodation, which can sometimes be significant.
Emergency courier cover is also sometimes included. This covers the cost of getting samples or documents sent out from your business should yours be lost, stolen or damaged. For example, if you need to attend an important meeting and you lose the key documents, it may be essential to get new ones sent over quickly, and it can be a relief to have these costs covered.
Important Things to Remember
There are always important things to keep in mind when you take out any type of insurance, and the same is true of business travel insurance.
For example, when you are covered for your business equipment, remember that there will be per-item limits. So even if you are covered for a total of £2,000, you may only be able to claim a maximum of £500 for any individual item like your laptop.
As with other travel insurance policies, there may be restrictions on the activities that you or your employees can do while abroad. Make sure you and your employees know all the details of what you can and cannot do.
Some insurance policies will not cover you for lost equipment if it was not on your person at the time. So when travelling on the plane, it may be important to keep any expensive equipment on you.
Do You Need Business Travel Insurance?
Always ask yourself whether you really need specific business travel insurance or not. You may want to take advantage of the extra protection offered, but you may find that a standard travel insurance policy provides all the cover you need. In this case, you could just use a reputable insurance provider to find a single-trip or multi-trip policy.
The most important thing is that you have medical cover, and this is normally included in any standard travel insurance policy. If you travel to a European country, you should also have an EHIC (European Health Insurance Card), but this should not take the place of full travel insurance. Make sure the medical expenses limit is high enough – £5 million or £10 million is often recommended – and that medical repatriation is included.
Protect Yourself and Your Employees Abroad
If you are travelling abroad on business, always take out travel insurance just as you would if you were going on holiday, whether that is a standard policy or specific business insurance with all the extras it provides. Make sure your employees also have insurance when going abroad, and ensure they know the details of their cover so they know what is and is not included.
Katie Craig runs a small business that needs to send employees on business trips often. An avid blogger in her spare time, she enjoys sharing what she has learned with others.