Travelling is vital to most businesses, whether attending conferences, visiting factories, meeting investors, closing deals, or other reasons. For all these trips, you carry immense risk, whether it affects personal well-being or the loss of business opportunity.
These risks can result in considerable financial loss for both you and your company, which is why mitigating these risks and getting some protection is essential. This can be achieved by opting for travel insurance while travelling abroad.
What is Travel Insurance?
For those unaware or who don’t quite know what it means, travel insurance is a safety net that protects you and your financial interests while travelling. It offers protection against unexpected circumstances arising from travelling abroad.
Business travel insurance or corporate travel insurance offers some special coverages and offerings to corporations and entrepreneurs to protect their financial interests.
Why should someone get business travel insurance?
Anyone travelling on a business trip can get business travel insurance, which might be in terms of group or corporate insurance or one-off insurance for single trips.
As risks don’t discriminate between who will be affected, everyone travelling abroad should always avail of travel insurance. This provides the maximum protection and allows you to emerge unscathed in case these risks come to fruition.
Whether you lose any essential documents such as passport or proof of identity, lost checked-in baggage, loss of business-critical equipment, injury, disability or death resulting from an accident, medical emergency, costs related to trip cancellation, delay, hijacking, etc. opting for the right international travel insurance can reduce the impact of these risks and allow you to travel confidently.
How to find the right business travel insurance?
Before purchasing insurance, consider these tips to find the best business travel insurance provider and policy.
1. Compare quotes
It is always preferable to compare the quotes offered by different insurers and between the different plans offered by the same insurer. Do not go for the cheapest plan, as the coverage will have certain limitations and can lead to a loss later.
2. Check the coverages offered
Always assess certain necessary coverages and opt for comprehensive plans.
3. Check the travel advisories issued by your destination country
Based on those advisories, decide on getting additional coverages to get or precautions to take when travelling there.
Other than this, there are also certain things to be kept in mind when looking for the cost of the policy.
1. Discounts for groups
Several insurance providers offer discounts for each additional travelling companion. Keeping this in mind, you can get the plan for significant discounts.
2. Coverage location
It is essential to consider whether your insurance provider covers your destination country. That is because not every insurer covers every country, so it is vital to choose one that does.
3. Coverage duration
Understanding the difference between the single-trip policy duration offered by different insurance providers is also essential. For example, some insurers have a maximum duration of 15 days, while others have a maximum of 90 days.
4. Extent of coverage
As mentioned above, certain countries require specific coverages to enter them. Other than that, it is also essential to consider the extent of the coverage based on your needs.
5. Additional benefits
Some companies offer additional coverages and benefits when availing insurance as a group. This should be kept in mind to make the most of the plan.
For my employees, I trust Niva Bupa with their travel insurance to provide the best deal that offers complete coverage to all of us. This allows me to travel around the world to meet investors or for my team to visit factories in other countries without worries.
With this, whether for you or your employees, you should be able to choose the best insurance for business travellers. By considering these factors and applying those tips, you should be able to protect your/your employees’ well-being and business interests fully.