Business travel insurance
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How to save money on travel insurance
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Learn how to save money on travel insurance with our special guide...
What is business travel insurance?
If you’re lucky (or unlucky, depending on your viewpoint) your job may require a large degree of business travel
Indeed, your jet-set career may well see you taking to the skies (or rails) on a regular basis to industry conferences and business meetings, which is why ensuring that you have the necessary standard of business travel insurance in place is paramount.
All that comfy business class travel could potentially leave you prey to all manner of risks, so it’s crucial that you enlist the back-up of some heavyweight business travel insurance to cover all angles.
As a forward thinking and proactive professional you’re certainly not in the business of leaving anything to chance. So therefore you need a business travel insurance which deals with every detail of your personal risk management while you’re travelling.
Known elsewhere as corporate insurance, business travel insurance is a must-have if you live a sizeable part of your working life crossing time zones and regularly adding to your already impressive collection of Air Miles tokens.
Business travel insurance takes a few different forms, sometimes presenting itself as an insurance entity in its own right, other times projected as an option alongside other specialist insurance products (like wedding or winter sports cover). And in certain circumstances it might well be flagged up as an added extra at the point of single trip or multi trip travel insurance purchases, while the premium will be raised accordingly.
Worth bearing in mind however, that even when business travel insurance is offered as a stand-alone type of cover, it can often be comprised of just the standard policy plus incremental extras. Variations in extent of business travel cover are usually wild, with some individual insurance providers going that extra mile further than others.
Another major USP regarding business travel insurance as a commodity is the fact that as well as insuring the individual/policyholder against a variety of unpredicted circumstances out of their control (medical conditions arising, travel connections disrupted, travel companies going bust, etc…), business travel insurance habitually covers for any damage or loss to company equipment incurred.
There’s a very good chance that you’re not only attending a very important meeting yourself, but quite possibly tasked with showcasing/launching a new product at the same time. Therefore said new product/piece of expensive equipment needs to be insured, with popular computer items and peripherals being routinely covered for in the average region of between £1,000 and £1,500.
Aside from virtually priceless bits and potential bobs of computer hardware and software, you could also be transporting company money about your person or hand luggage, which again needs safeguarding above and beyond the protection afforded by a lock and key.
Alternatively you may have to arrange the essential transportation of business equipment by an emergency courier, which is another valid and plausible instance whereby business travel insurance is seen as critically important.
Like the majority of travel insurance products, business travel insurance is normally split into the two basic camps; those being single trip and multi trip/annual policies. Determined by the forecast frequency of your business trips, you either elect to arrange a single trip plan if your business rendezvous is predicted to be a one-off occurrence, or instead opt for a multi trip policy if you get wind of it being a more commonplace event in your executive Filofax.
Do I need business travel insurance?
Despite the very phrase ‘business travel insurance’ frankly sounding rather uninspiring, try looking at it another way. In fact, the more you look at it the more you begin to realise that effectively it’s rather like a holiday; as you’re still getting to take in the sights, sounds and smells of an altogether different culture than any you’ve experienced previously, albeit while actually working.
So, just like a conventional holiday you need to organise some all-consuming travel insurance a long time before your airliner starts taxing around the airport runway. To be honest you’d be a fool not to, as the list of potential benefits far outweigh projected premium prices to our minds.
We mean, where would you be if you were stuck abroad on business due to an unforeseen series of events without having any knowledge of the mother tongue of the country you were temporarily stranded in? Yet with 24 hour multilingual assistance being just one of the many extras cited in a host of business travel insurer’s policies you’d instantly have access to an interpreter who would at least be able to translate what the plan of action was going to be.
And as well as the more expected medical, legal and cancellation expenses clauses underwritten into your personal business travel insurance agreement you could be just as easily covered for involvement in up to as many as 33 sporting pursuits; because what’s business without a little pleasure thrown in for good measure?
In fact, in this day and age a lot of business deals are just as likely to be brokered while all parties are participating in a spot of skiing or tennis as much as in the boardroom. And don’t forget your preferred means of transport abroad – while conducting your business – could well be targeted for hijacking. It does happen and is therefore a risk which is subsequently considered a by-product which requires taking into account and guarding against as much as possible from the outset.
How much does business travel insurance cost?
It all depends on what the full extent of what you want insured ahead of your proposed business trip.
If you’re looking to insure yourself, your mobile office (by that we mean phone, laptop, tablet, etc…) and a raft of other company equipment you’re taking with your half way across the globe, along with any further equipment hire and/or use of a courier service simultaneously, then it could be a lot more expensive if you’re planning on travelling a lot lighter.
Incidentally – and as of April 2015 – one of the cheapest business travel policies we’ve come across is proffered by www.confused.com (one of the acknowledged market leaders in the field of business
We can’t impress enough on you that it’s imperative to have an understanding of just how much equipment of vital importance to your business (and obviously making the trip with you) is worth, when it comes to confirming your insurance limits.
Business travel insurance policies will nearly always set a cap as to how much a policyholder can claim for with direct reference to business equipment, so with this in mind there are two limits to be well aware of.
These are the ‘overall’ limit and the ‘per item’ limit. Although you might have an overall limit set fairly high in terms of value (which is useful if you should misplace an equipment-laden bag), the per item cut-off point is often a lot lower.
And you overlook the per item limit at your peril according to business travel insurance experts, who go on to point out that if you have a £1,000 laptop, but your per item limit is set at only £500, then you won’t ultimately be able to recover the full cost of that laptop, in spite of your total limit for all items exceeding that figure.
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