Getting Travel Insurance for Business? These Are The Top 3 Options in 2024

Business travel can often be a very rewarding undertaking for both employees and companies. However, it comes with risks. Business travellers face many potential hazards, from flight delays and cancellations to stolen business property and medical emergencies. That's where business travel insurance comes in, providing your company and your employees with the financial protection and peace of mind they deserve when on the road.

In this short guide, we'll discuss business travel insurance, its importance, how to choose the right policy, and in which instances it makes sense not to purchase it. Finally, we'll spotlight two of the best online travel insurance providers available for businesses worldwide.

What is Business Travel Insurance?

Business travel insurance is a type of insurance that covers unexpected events that may occur while travelling for business purposes. These policies typically offer ordinary emergency medical and dental coverage and trip cancellation or interruption, but many business travel insurance policies also offer coverage for business-specific risks such as:

• Rental car damage or theft,
• Conference or event cancellation or interruption,
• Replacement staff expenses,
• Loss or theft of business property,
• Kidnap and ransom in high-risk destinations,
• Evacuation and preparation for political and natural disasters,
• Identity theft assistance,
• Emergency translation services.

Importance of Business Travel Insurance

There's no escaping the fact that the cost of things going wrong while abroad can be outrageous. From medical trips to flight cancellations and everything in between, paying out of pocket can be a steep expense, even for businesses. Without business travel insurance, your company and employees are vulnerable to financial losses from unforeseen events like the ones we discussed above.

Travel insurance provides peace of mind, knowing that your company and employees are protected in case of unexpected events. Additionally, it can save you money by covering the costs of unexpected expenses that may arise during business travel.

Take a look at our five reasons to get health insurance to learn more.

Choosing the Right Business Travel Insurance

Although choosing the right business travel insurance policy can seem overwhelming, it's an important decision that should be made carefully. Before purchasing insurance, it's crucial to consider factors such as the following:

• The coverage you need: If healthcare is expensive in your destination country, you should consider a full travel medical insurance policy.
• The length of your trip: Basic travel insurance with lower coverage limits is ordinarily sufficient for shorter trips. However, longer trips typically require more comprehensive coverage due to the increased risk of incidents.
• The destinations you'll be visiting: More extensive coverage should be taken out if your employees are visiting a country with a high risk of political unrest, instability, or a high rate of crime, kidnapping, or terrorism.
• Specific risks associated with your industry: If your company is in the oil and gas industry, extensive coverage for emergency evacuation and medical expenses would be essential. On the other hand, if your company is in sales, technology, or consultancy, your employees may require insurance coverage for lost or stolen equipment.

As usual, when choosing a travel insurance policy, read the policy details carefully to understand the exclusions and limitations that will impact the extent to which you and your employees are financially protected.

Is Travel Insurance Always Needed for Business?

Travel insurance is always a good idea for businesses sending their employees abroad on business trips, but it's not obligatory for travel to most countries. If your company's standard insurance policy or your employees' private health insurance policies don't cover all the basics, then business travel insurance isn't crucial for most business trips.

However, it's worth remembering that while health insurance covers medical expenses, it typically only applies to medical care in your home country. This means that if you or your employees experience a medical emergency while travelling abroad, they may not be covered by their health insurance. On the other hand, travel insurance not only covers both emergency medical and dental expenses incurred while travelling abroad, but also other unexpected events such as trip cancellations, lost or stolen luggage, and more.

Best Travel Insurance Providers for Business

There are many travel insurance providers to choose from, so it's important to shop around to find one that best meets your company's needs. Below, we spotlight two travel insurance providers that'll give your business excellent rates and coverage for your next business trip:

VisitorsCoverage

VisitorsCoverage offers a comprehensive catalogue of trip and medical insurance policies for businesses — most of which are complete, affordable, and can be booked immediately.

• Pricing range: $50 to $200 /traveller /month
• Underwriter: Lloyd's of London, Sirius International, and others
• Best for: Value for money and overall trip and medical coverage

Insured Nomads

Insured Nomad's trusted online travel insurance portal allows you to purchase basic insurance policies that are especially suited for their mix of travel and medical coverage and good for longer trips!

• Pricing range: $80 to $420 /traveller /month
• Underwriter: David Shield Insurance Company Ltd.
• Best for: Longer trips