Business Travel Insurance
There is a very common misconception that holiday insurance is exactly the same as business travel insurance, and many people with annual holiday insurance policies think that they are covered when they pop off over to Paris, New York, Singapore etc for business meetings. A high proportion, sadly, find out that they have made a very expensive mistake indeed since many holiday insurance policies specifically exclude cover for business travellers.
There are many companies for which overseas business meetings are their lifeblood. Even in the best run companies, however, things very rarely go exactly the way that we plan them to and business trips are no exception to this rule. There are many things that can go wrong, which could lead to substantial losses for your business and business travel insurance is designed to alleviate these. Let us look at a few possible scenarios:
We are all mortal and every now and again we fall ill. If you had a vital business conference organised, flight tickets and hotels booked, promotional material prepared and printed, and then found that you could not travel after all because of sickness or injury your company could find itself facing a disaster. A good business travel policy should cover the cost of sending out someone else to replace you, and if necessary reprinting more literature if this was made necessary.
While the circumstances which could cause the cancellation of a holiday are fairly predictable, those relating to business trips are anything but so. Market conditions can change, a crisis at your home base could mean that you were unable to leave the country after all, the people whom you were travelling to meet could find themselves unable to attend. There is a growing tendency amongst airlines and major hotels to charge for their services in full in the event of a no show and if you had to reschedule a meeting you could lose all, or a least a substantial portion of your costs but a good business travel insurance policy should cover these.
People travelling to business conferences often carry with them expensive equipment such as projectors or sophisticated computer systems and laptops; they also carry with them, on occasions, data which is not only valuable but extremely sensitive. The loss of a CD or memory stick could have unpredictable consequences; your annual holiday insurance that you bought for a couple of fortnights in the Seychelles would hardly cover this type of scenario!
Accidents can happen and it's an unfortunate coincidence that many of the more popular venues for business meetings, such as the United States, Canada and Asia can be very expensive places to have injuries, or to fall ill, in. An unlucky traveller who had an accident or picked up a virus in New York for instance could finish up with a bill running into many thousands of dollars or even more; business travel insurance can normally be relied on to pick up the bill for this.
Fortunately the business travel insurance market is highly competitive and in most cases you can book online, pay by credit card and have instant cover. This is a very specialised market and the types of cover and the sums that you can claim vary considerably from one company to another so do make certain that you read the small print to ensure that the policy is the correct one to your purposes.