Business travel Business travel insurance
There are some concerns to think about when you travel especially if you are going on a business trip. Unlike vacation travelers, business travelers are more committed to the timing. You may be going on a business trip for an important meeting or an importance conference that should be attended on time. But, what if you became ill during your business trip? Will you have to pay thousands of pounds to be treated abroad?
When you are outside your country, you are also outside your health insurance coverage. So, you will need a separate policy that covers unexpected situations that may happen to you during your business trip. This type of insurance is called business travel insurance.
In this topic, we will let you know when you should buy business travel insurance and what will be covered by it, how to choose the best possible policy, what plans could be available for sale, and the average cost of such type of insurance
When to buy business travel insurance
Coverage provided by business travel insurance in case of any medical condition and trip cancelation regardless the reason is applicable within a number of days usually from 10 days to 15 days. So, the best time to by a business travel insurance policy is directly after making payment for your first trip. The timing is so important because it allows you to benefit from the long coverage period. After paying for your trip, you will find your travel agent offering business travel insurance. But, buying it from a third party is more recommended because you will be able to choose from different options and get cheaper deals.
The main purpose of business travel insurance is to cover all concerns of a business traveler. So, most polices of such insurance are comprehensive to make sure that different concerns are covered including the following conditions.
Your health insurance policy doesn’t cover your medical emergencies when you are abroad. But, business travel insurance does. It covers treatment costs, hospital charges, and ambulance services. Furthermore, it covers arrangements related to your transportation to and from the nearest hospital.
If there was a mechanical breakdown in the plane or the weather is not suitable for taking off, your flight would be delayed. In these cases, your business travel insurance reimburse you by refunding what you pay for meals and accommodation as a result of the delay. Furthermore, additional costs that are paid to reach your destination quickly after a delayed departure will be covered.
After booking a trip, you may be exposed to several reasons to cancel your trip. You may become ill or injured before the flight, one of your family members could be in severe condition, and the weather could become terrible. A trip cancelation coverage is usually included in Business travel insurance policies. It covers any expenses that are related to your trip even returning back home expenses.
Lost or delayed luggage
Your luggage is what you rely on when you are abroad. In case of a delay of your luggage. Your policy reimburse you by a limited amount of money that could be used to buy clothes. But, if your luggage is lost or damaged, you can be reimbursed by replacing them. Just make sure that your luggage is not too expensive because the coverage is limited from £200 to £400 on average.
How to choose the best policy
The best business travel insurance policy shouldn’t always be the cheapest one. The cheapest polices usually provide the lowest coverage. To make sure that your policy is perfect, there are some tips you need to follow before buying one.
Select a trusted insurer
When you shop for insurance, you will find a lot of misleading offers. Not to fall in this trap, make sure to buy your policy from a trusted insurance provider. Business travel insurance policies provided by HSBC, M&S bank, LV, and First Direct are one of the best options to trust.
If you are traveling many times per year, its more recommended to buy a multi-trip business travel insurance policy rather than paying for separate policies every time you travel. If you travel at least four times per year, a multi-trip policy will save you a lot of money. Furthermore, you are sure to be covered according to the included items for the whole year without the need to shop for the available options every time you travel.
The cost of your insurance is usually affected by set limits. The lower the coverage limit the lower the cost and vice versa. But, consider checking your limits because there are some conditions that don’t worth setting a lower limit to get a lower price. For example, you can set a limited cover for luggage, trip cancelation, or missed departure. But, you shouldn’t set a limit for medical emergencies or personal liabilities.
What plans are available?
There are different plans to consider when you buy business travel insurance, the reason for variety is to be able to choose the one that fits your need. Here are some of the most popular options.
Pack N go plan
This plan is perfect for those who buy business travel insurance immediately before departure. So, it excludes trip cancelation coverage to reduce the cost of the policy. It only include coverage for post travel concerns.
Annual travel plan
An annual travel plan is the best guard for you if you are traveling a lot. It covers you when you travel for business or to spend your vacation. So, you shouldn’t be worried about finding coverage for multiple trips all over the year.
For those who are looking for the most budget plan, an essential plan is the best to consider. According to this plan, extra coverage is excluded. Only essential concerns will be covered such as medical emergencies and trip cancelation.
How much does it cost?
Business travel insurance cost is determined according to many factors assessed by the insurance company. These factors include your age, your medical condition, the length of time you will stay abroad, your coverage level, the number of people insured by your policy, and any other extras included. So, it’s difficult to assume the cost of your insurance before considering these factors by your insurance company.
In UK, you will have two options, either to cover your trips to Europe or to cover your trips worldwide. If you choose an insurance policy for a single trip, the average cost for the travelling to Europe option is about £5.3 while the average cost for a worldwide traveling option is £12.8. You can also save by buying annual policy for multi trips. It doesn’t cost more than twice the price of a single trip policy. If you are traveling usually to Europe, an annual policy will cost you only £9.4 on average. If you are traveling to different countries worldwide, an annual policy will cost you about £21 on average.
At last, you should be sure to take your time while shopping out for the best deals. Furthermore, you should follow the fact that you pay for what you get. So, never pay for items included in business travel insurance if you don’t need them. Be wise and customize your policy to fit what you need.