Inside The Office

Travel Insurance For Small Businesses: 5 Things You Might Not Know

For those organizations that require employees to travel frequently, understanding the ins and outs of travel insurance could help entrepreneurs save money.

As executives running small or medium-sized businesses, your readers are incredibly aware that every penny counts. Minimizing costs is essential for profitability and growth, in all aspects of the business. For those organizations that require employees to travel frequently, understanding the ins and outs of travel insurance could help entrepreneurs save a potentially large amount of money in the long-run.

With travel affected by so much over the past year — hurricanes, earthquakes, technical issues—the likelihood of something affecting business travel is top of mind for many.

TravelInsurance.com has identified five things business owners probably didn’t know about travel insurance that can help them decide if it’s right for their business:

  • It can be an easy and affordable way to get medical coverage for employees when they are traveling for business. Even for travel within the U.S.,  travelers should understand whether their health plans cover them when outside of their home network. Many plans only provide limited urgent care or emergency coverage in those cases, leaving employees stuck with a potentially significant bill. With the right travel insurance plan, complete coverage is provided if any medical issue does arise.
  • It can cover road trips. Often when we think of travel insurance, we think of long flights to exotic places. However, insurance can be valuable in many situations, especially for your sales team who may be on the road trying to close business deals. If any part of an employee’s road trip has prepaid, non-refundable components, you should consider travel insurance. And if you are still confused by the Loss Damage Waiver (LDW) option with a car rental, many travel insurance plans offer optional car rental coverage which is often more cost-effective than what the car rental companies charge.
  • Personal belongings can also be covered. Baggage loss coverage can help recover the costs of valuables in the event that luggage is lost or stolen. Delayed baggage, however, is much more common, especially during busy or disruptive travel times. Baggage delay coverage will cover the cost of some necessities while waiting to receive luggage after an extended delay– like a presentable outfit for that critical meeting.
  • In can cover you if your employee has to cancel travel because of personal reasons. Trip cancellation insurance can help protect you if a scheduled trip for your employee must be canceled because of an illness, a death in the family or another unexpected event. Your employees might not care about this type of travel insurance, but it could save business owners a significant amount of money.
  • It can be an easy process. Finding the right travel insurance plan for you and your company doesn’t have to mean sifting through hundreds of offers. Travel insurance comparison website TravelInsurance.com for example, chooses only the best providers, and makes it easy to not only compare plans, but to provide the details you want and need to make the best decisions for you and your employees.

Stan Sandberg is a travel expert, co-founder of TravelInsurance.com and a respected authority on travel insurance in the U.S. He currently holds full lines insurance licenses in 50 states. If you would like to set up a discussion with Stan to dive into this topic a bit further, please let me know and I’d be more than happy to arrange.