What is Business Travel Insurance

You are on a month-long business trip in a foreign country and all of your belongings, stolen. You call to ask your boss for help, and although he feels terrible for you, he tells you that the company simply cannot afford to help you. You are stranded and broke. How could you have prevented this? Simple. With Business Travel Insurance.

What is Business Travel Insurance? — Business travel insurance supports you in case of unforeseen events that leave you stranded, injured or otherwise financially or physically put out.
What Items Are Covered By Business Travel Insurance? — Business Travel Insurance covers a wide variety of items, including but not limited to:
- Medical/Dental — Your health insurance plan probably only covers you for domestic travel and emergencies. Travel insurance not only pays the bill, but also helps get you to a decent hospital, or home, if possible.
- Trip Interruption/Cancellation — In the event your trip is cancelled or interrupted for any reason, e.g. a tsunami wipes out the airport, your travel insurance will take care of your needs until you can get home.
- Loss of Luggage or Personal Effects — If your personal belongings and luggage are stolen or lost on a trip, chances are, your home owner's insurance will foot at least part of the bill. Find out the provisions of your homeowner’s insurance policy and use your business travel insurance to supplement it.
- Solvency Protection — If the airline goes out of business, they may or may not transfer your flight to another airline carrier. If the new airline cannot meet your needs for the price, you originally paid and your ticket becomes void, your business travel insurance will pay the extra or refund you the amount of your ticket.

Tips for Purchasing Business Insurance:

Consider the reasonable risks — If you are traveling to Wisconsin in mid-December, your trip may be delayed or terminated due to extreme weather conditions in the area.
Consider the financial implications — A $300 dollar plane ticket is less likely to break your bank than a $6,000 tour of the Italian countryside.
Consider medical coverage for foreign travel — Before traveling to a foreign country make sure that adequate medical facilities exist there, and if not, buy coverage that will deliver to a proper medical facility.
Read the Fine Print — Just because you purchase interruption/cancellation insurance does not mean that the insurance company has to pay. Make sure your policy's list of covered interruptions and cancellations is a long one before you invest your money.
Don't buy double-coverage — Your home owner's insurance, medical insurance, auto insurance and sometimes even your credit cards may offer some travel protection. Buy your business travel insurance to complement these protections. Doubling up your coverage is a waste of money and may make your payout process take longer.

Remember, although your employer may offer you excellent bonuses and benefits for traveling frequently in the name of productivity, they may not offer you extra support for travel crises, leaving you stranded, unless you prepare on your own.