If your company doesn’t have travel insurance for all employees that take business trips, you could leave yourself vulnerable to serious financial loss. It’s not like you are relocating and hiring movers in nashville, but comfort is essential. For a company with frequent or even intermittent business trips, business travel insurance is a must to protect against the unexpected – like flight delays, lost baggage, and accidents while traveling.
What Does Business Travel Insurance Cover?
If you’re looking for the condensed version, business travel insurance provides coverage for:
- Medical expenses
- 24/7 assistance
Perhaps the most common issue that could arise on a business trip is a travel cancellation. Hotel accommodations, cruise packages, plane tickets, golf reservations, and more can be easily canceled last minute, causing a business to lose their valuable investment if expenses are nonrefundable.
Most business travel insurance policies will provide a list of circumstances that will be covered for a trip cancellation. These reasons may include employee or family sickness or death, hurricane damage, employee layoffs, terrorist activity, client bankruptcy, and jury duty summons.
If an employee were to get sick or have a sudden death in the family, trip cancellation or trip interruption coverage will come in handy. When an employee has to return home for an emergency, travel insurance will reimburse a company for the last portion of a trip, as well as any extra expenses incurred to change flights at the last minute.
Business Budget Tips for Employee Travel Insurance
The truth is that most companies are encouraged to keep travel budgets to a minimum to reduce a business’s overhead. While that may be the case, it’s important not to cut out any extras that could actually save you money in the long run by providing protective compensation, like travel insurance.
A business can set aside money for much-needed travel insurance by keeping other travel costs contained with these helpful tips:
- Use videoconferencing instead of in-person travel whenever possible.
- Book hotel accommodations and airfare with a company MasterCard or Visa to redeem frequent flyer miles or bonus points.
- Take a train instead of an airplane for short trips.
- Meet clients for coffee instead of lunch or dinner meetings.
- Book airport or hotel shuttles instead of using taxicabs.
- Work with a business travel agent that can provide hotel, car, and airfare discounts.
- Book last-minute travel to take advantage of deeply discounted deals.
- Travel midweek on Tuesday or Wednesday and return on Saturday for lower airfare rates.
- Travel light with a carry-on to avoid extra fees for checked bags.