Do You Need Business Travel Insurance?

You don't need business travel insurance. It's not required to travel in the same way that car insurance is required for you to drive. But if you aim to relax and enjoy your trip, then you should have business travel insurance.

If you're working for somebody else, then the first thing to do is to see what kind of insurance they provide in exchange for your traveling to represent them. If they don't have much to offer, maybe you should speak up and ask about it.

After you check what your employer has to offer, review your personal health insurance for any possible business travel provisions.

The following are the basics for what a business travel insurance policy should provide. This may seem simple, but when you consider the number of items, you may miss an item or two if you do not keep a checklist.
You will want your business travel insurance to include:

• Medical and health coverage for an injury or sudden illness abroad.
• Transportation coverage if your injury or illness requires an ambulance, helicopter or airplane to get to a hospital.
• Personal liability coverage, to protect against lawsuits in case you hurt someone else or damage their property.
• Reimbursement for luggage and possessions that may be lost or stolen, and also in case of a lost passport or visa. Keep an eye on the deductible.
• Reimbursement for costs if your business travel is cancelled or cut short. This should include reasons why you may abort or shorten the trip, including an accident, illness, pregnancy, jury service or witness summons or home emergency (fire, storm, flood, burglary).
• Financial protection if your airline goes bankrupt before you use your ticket, or in case the employees shut down the airline by going on strike.

Watch for loopholes. For example, be aware of the coverage if some sort of incident occurs, the authorities step in and a test shows that you have an elevated blood alcohol level. Or your possessions are lost and the insurer tries to assert that you did not keep close watch or demonstrate reasonable care. Beware of those loopholes.

Finding the Best Business Travel Insurance Deals
The first source that will try to sell you business travel insurance is probably your own personal travel agent, or the online source where you make arrangements. Research shows that this is rarely the best deal.

Federal law now prohibits travel agents from requiring you to purchase business travel insurance as part of a package. Some sources will state that business travel insurance is included free of charge as part of the total package cost. If this is stated by your personal travel agent, you may wish to negotiate this point. If it is part of an online package, you may wish to search elsewhere for a lower-priced travel package that does not include the insurance. Also, ask if the agent's business travel insurance is regulated under the U.S. Financial Services Authority. This is not a legal requirement, but it will help to give you a heads-up on whom to trust.

Let's say your best deal includes business travel insurance, but it is limited. You may then strive to mix and match with the type of supplemental policy that you can attain.

Keep in mind that different destinations pose different risks, and incorporate that into your strategy for choosing business travel insurance. Different leisure activities also pose different risks. For example, if you are headed to a winter resort, you can add coverage for skiing and/or snowboarding.

Remember that with business travel insurance, as with life at home, the most important aspect of coverage is medical coverage. Is air ambulance transport covered? If you are overseas, is there access to a help line so that you can connect with a doctor who speaks English? Does your corporate or premium credit card have anything to offer for emergency medical services on the road? Will your coverage allow access to patient medical records online? Watch for snags involving lack of coverage for pre-existing conditions. For maximum medical coverage, a policy can include a personal accident payment made for permanent disability or death.

Anyone who travels on business trips more than twice a year should consider purchasing an annual policy for business travel insurance. Not only will you save money, but you won't have to go through the hassle with every business trip that you take.