Business Travel Insurance

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business travel insurance

It's easy for most to associate travel with vacations, excitement, and the typical end result of relaxation. However, the frequency of people travelling on business - at least in the U.S. - remains steady, and with it the need for business travel insurance.

According to a 2009 study by Oxford Economics, business travel in the U.S. during 2008 provided 2.3 million American jobs, and $246 billion was spent on business travel by U.S. companies. A July 2009 Travelhorizons report found that one in five U.S. adults planned on taking a business trip within six months of being surveyed. These sorts of numbers seem to indicate that business travel is still an important consideration for the travel industry, including the insurance industry.

But why should business travelers think about business travel insurance? Sure, it's possible that some professionals don't pay for their airfare out of pocket. If a flight is canceled or drastically delayed in this case, the company usually picks up the tab. But many business travelers own their own businesses and do pay travel costs out of pocket, especially small business owners. In this case, having business travel insurance that covers airfare cancellations and costly missed connections is comforting.

Delayed and canceled flights aren't all the typical business traveler must worry about. Unexpected illnesses and accidents may occur, and the savvy traveler will be ready to deal with those occurrences. It doesn't matter if the destination is first-world or not; even developed countries have issues that may increase the risk of injury or illness. Loss of property is another concern. Imagine this: your laptop bag - laden with important data and documents - goes missing in a matter of seconds as you're distracted by someone else. It happens, and business travel insurance helps you recoup some of that loss.

When looking for travel insurance that caters to businesses, there are a few things to look for. First, does the company have experience dealing with business travelers? Second, does the company offer tailored packages directed at business travelers? I'll use USI Affinity as an example. Looking at their page, USI has many different tiers of business travel insurance, from the single trip to up to four years of coverage. They even have a corporate international plan for the global business traveler. (Check out Andrew Hickey's article for more information about buying international travel insurance.) Finally, does the price seem too good to be true? While most people want to save money when they travel, buying dirt-cheap business travel insurance may mean that they're not as well covered as they believe.

When it comes to getting a business travel insurance quote, you have many options to choose from. Companies like Travel Insured and the previously mentioned USI Affinity provide a number of options that will meet the needs of business travelers. You can also give InsureMyTrip.com a try and get connected to a plan through their site.

Photo by DearEdward from Flickr
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