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Everything You Need to Know About Business Travel Accident Insurance

A person researching business travel accident insurance on a laptop

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Are you in the habit of purchasing business insurance for travelers for your business trips? If this scenario has never crossed your mind, it should. Simply put: business travel insurance protects you if something happens while you’re traveling.

We often think of insurance for leisure travel, but it somehow never crosses our minds for business travel. Let’s look at your insurance policy options and some travel accident insurance benefits you may not have considered.

Why Do You Need Business Travel Insurance?

There are a few reasons why you might need business travel accident insurance. First, if you have employees who travel for work, it’s a good idea to have this type of coverage in case something happens to them while they’re away. This way, you won’t be held liable for any medical bills or other expenses they incur.

Another reason to get insurance for business travelers is if you travel frequently for work yourself. This type of coverage can help you if you’re injured while traveling or need to cancel your trip. It can also cover any expenses you incur as a result of an accident, such as medical bills or lost wages.

What Business Travel Accident Insurance Covers

Now that we’ve answered the question of why you need business insurance for travelers, let’s take a look at what it covers. As we mentioned earlier, business travel insurance can cover medical expenses, lost wages, and cancellations or delays.

But it can also cover a few other things, like last-minute cancellation fees, emergency travel expenses, trip interruption, and baggage delays.

It’s important to note that coverage will vary depending on the policy you choose. So be sure to read the fine print before buying a policy. 

Here are some things that business travel accident insurance may cover:

  • Medical coverage
  • Lost wages coverage
  • Trip cancellation coverage
  • Emergency evacuation coverage
  • Kidnap and ransom coverage
  • Extraordinary communication
  • Terrorism-related injuries and fallout
  • Exposure, disappearance, and hijacking
  • Repatriation of remains and return of minors
  • Multiple trips insurance, annual policies
  • Death benefits
  • Bedside visitation

Did you know that some business travel insurance policies will pay to have your family or friends come to visit you? If you’re hospitalized while traveling on business, your policy may reimburse you for the cost of travel and accommodations for a family member or friend. This benefit can be extremely helpful if you’re injured while traveling and need someone to be by your side.

How Much Does Business Travel Accident Insurance Cost?

The cost of business insurance for travelers will vary depending on the insurer and the coverage you choose. However, you can expect to pay somewhere between $30 and $100 per year for this type of insurance.

Tips for Choosing Business Travel Insurance Coverage

When choosing business travel insurance, it’s important to ensure you’re getting the right coverage for your needs. Here are a few tips to help you choose the best policy:

1. Decide How Much Coverage You Need

Do you only need medical coverage? Or do you need coverage for lost wages and cancellations as well?

2. Determine the Deductible

The deductible is the amount you’ll have to pay out of pocket before your business travel accident insurance coverage kicks in. The higher the deductible, the lower the premium. But make sure you can afford the deductible if you do have to make a claim.

3. Read the Fine Print

Make sure you understand exactly what is and isn’t covered by your policy. It’s also a good idea to check for any exclusions.

4. Look at Multiple Providers

Don’t just choose the first policy you come across. Compare different policies to make sure you’re getting the best coverage at the best price.

5. Check Reviews and AM Ratings

Before you purchase a policy, check reviews and AM Best Ratings to make sure you’re buying business insurance for travelers from a reputable business insurance provider.

6. Consider Coverage Limits

Be sure to choose a business travel accident insurance policy with coverage limits that meet your needs. Remember, the higher the coverage limit, the higher the premium.

7. Research Destination Risks

When you’re planning a business trip, it’s essential to research the risks associated with your destination. Some countries are more dangerous than others, and there may be specific crimes or hazards that you need to be aware of. For example, Mexico has a high rate of petty theft, while Brazil has a high rate of violent crime.
Make sure you know what to expect before you travel so you can stay safe while you’re on your trip (and plan your business travel accident insurance needs accordingly). The best way to find out about the risks in your destination is to check the State Department’s travel advisories. The advisories are updated regularly and they’ll provide you with all the information you need to know about safety and security in your destination country.

How to Make a Claim

If you need to make a claim, the first thing you should do is contact your business travel insurance provider. They’ll give you instructions on what to do next. In most cases, you’ll need to submit a claim form and supporting documentation, such as medical bills or police reports. Once your business travel accident insurance claim is submitted, the insurance company will review it and determine if you’re eligible for benefits.

Keep in mind that business insurance for travelers is designed to supplement your regular health insurance. It’s not meant to be a replacement for health insurance. So, if you’re injured while traveling, you’ll still need to pay your deductible and copayments.

Get Help From Experts

Business travel insurance can provide vital coverage in the event of an unexpected incident while traveling for work. While it’s not required, business travelers would be wise to consider purchasing a policy to protect themselves and their families in case something goes wrong.

At Telios Travel, we help you navigate the world of business travel accident insurance so you can find the best policy for your needs. We offer a free demo of our services to help you understand your options and make the best decision for your business. Contact us today to learn more.

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