If you are a business executive with a job which requires you to travel frequently, you might benefit from understanding the importance of being protected during your travels with business travel insurance.  This is especially true if your work requires you to leave the country for long periods.  How will business travel insurance protect you while you’re abroad?

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If you were to become injured or ill while in a foreign country, you’ll need some way of covering your medical expenses without having to pay for them yourself.  Business travel insurance will do that.  If you are self-employed, and should have your luggage or other valuables stolen while you’re abroad, your losses will be covered by business travel insurance.  But before you decide what business travel insurance policy is best, there are few things you need to consider.

Before settling on any particular business travel insurance policy, you should verify that your coverage will be honored in the country of your destination.  Speak to different business travel insurance providers about limits of their coverage in different countries.  If you have an end up in a country where your coverage won’t be honored, you may be in the difficult position of having to pay for your medical expenses or other emergency costs yourself.

You should also take care to specify exactly what sort of coverage you need from your business travel insurance.  There are a wide variety of policies available, including backpacker, worldwide, and specialty policies.  How can you determine which one is best suited to your business travel needs?  Here are a few tips to simplify decision-making process:

Carefully study all the benefits, exclusions, and features of several different business travel insurance policies.  Price should not be the only deciding factor in your choice.

You will be given a choice between purchasing a business travel policy which covers a single trip, or one which will cover all the trips you make in a 12-month period.  You’ll save money if you don’t travel very often by purchasing the single trip policy, but if you’ve ready scheduled several trips over the next year, you need the multiple-trip coverage.  The annual coverage will include business trips which occur over weekends.  Make sure the policy you choose will cover both you, as the boss, and any employees who are either accompanying you or traveling on business as your company representatives.

  • Make sure you understand exactly what your business travel insurance policy covers, and make sure that one of the things it covers is medical expenses.  If your business trip will require you to travel by car while you’re at your destination, you might save money by getting a policy which includes the cost of a car rental. 
  • Start looking for your business travel insurance well in advance of your departure date, so that you’ll have plenty of time to look over your policy and cancel it if you realize that it will not provide sufficient coverage.  You’ll be able to get a refund following your cancellation.
  • Make sure that any insurance company you’re considering has an outstanding record as a business travel insurance provider, and that the company agent with whom you are speaking gives understandable answers to your questions.
  • Make sure to carry a copy of your business travel insurance policy with you during your travels, and keep the insurance company’s help line number with you, in a place where it can’t be lost or stolen.

By using these suggestions you’ll be able to line up your business travel insurance well in advance of your departure, and be free to concentrate on having a successful business trip!

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