Business travelers often fly more in an average year than many other people do during a lifetime. Depending on your company, you may have some specific travel insurance coverage already working for you. But if not, you might consider looking into some of these options. And of course, with all those frequent flier miles you rack up, you’ll be taking leisure trips as well. Most of this travel insurance is cheaper than most people expect, so whether you are paying for it or your company, it might be worth a look.
Types of travel insurance to consider
Trip Protection Insurance
This type usually costs a small percentage of your overall trip, and will cover most of your non-refundable travel expenses if a crisis comes up such as: death, sickness, airline strike, travel provider going bankrupt, and many other things as well. It might depend on your destination whether this is worthwhile or not. A business trip to New York City should go off without a hitch, but a leisure trip to the Caribbean could be a different story.
Travel Medical Insurance
Especially if you are part of a small business with little or no coverage at home, this one might be interesting. It covers any medical expenses you might have while on the road, which could really add up depending on where you go.
Again, this might be more useful going to some places than others, and your own policy might already cover you for expenses while traveling. If not, it might be worth checking out.
Flight/Travel Accident Insurance
This insurance is similar to the kind that used to be offered by those machines in airports. If something catastrophic happens to your flight, you’ll be covered. It’s generally quite cheap and of course mostly for peace of mind for family types.
This type of policy covers people who are based in a country other than where they normally live. It can really come in handy for business people whose coverage doesn’t leave the country with them, regardless of who is paying for the policy.
Annual multi-trip Insurance
This one might be very useful for frequent travelers that don’t have their own coverage. It’s meant for multiple trips so you don’t have to buy a new policy each time. As with the others, it’s usually quite affordable and worth checking into if you don’t have insurance otherwise.
Emergency Evacuation Insurance
The name says it all for this one. If you need medical assistance in a place that doesn’t have a facility to treat you, this insurance will cover those astronomical costs of getting you to a proper facility.