Business Travel Insurance: Protect Your Company

Business travel insurance supplements the insurance lines you have for the workplace by covering many of the same claims when your employees are traveling. For example, your workers' compensation policy may cover your assets if an employee slips and falls in the hallways of your office. If that same employee slips and falls while out of the country on business, the claim may not be covered in your basic line. If your employees travel on the job, business travel insurance may protect your company from losses due to unpaid claims.

Find Where Your Coverage Lapses

To begin the process of obtaining business travel insurance, review your policy to see what you are already covered for. Workers' compensation may cover some claims due to illness or injury. Your auto policy line may cover accidents on company cars but not rentals. Cyber liability lines may protect you from computer hackers but not if a laptop is stolen in the airport. Determine what you are already covered for and what still poses threats.

Do the Math

Once you have determined where the risks are, determine how much coverage you require in those areas. Think about your limits and deductibles. If you own the business, you may be personally liable for outstanding claims. Ensure that your limits protect your business and personal interests.

Shop Around

Your business travel insurance should cover your needs without draining your profits. Start with your current insurance provider, and seek the best quote. They may offer a discounted premium as you carry other lines with them. An insurance broker or advisor may be able to work with you to gather quotes from multiple carriers without too much work on your end. Shopping around will ensure you get a competitive rate.

Inform Your Employees

Your employees need to know when to file a claim. If they have delays in picking up luggage that prevent them from executing a presentation effectively, they need to know your business travel insurance may provide financial reimbursement. Any changes in accommodation, meals or flights due to travel delays may also be covered. The only way to get these claims filed appropriately is to ensure your employees know when and how to report a claim.

Review and Renew Your Insurance Annually

When your policy expires, review any claims and expenses from that year. Locate areas where your limits and deductibles can change to save you money on premium. If you have not reported many losses for the year, you may be eligible for a premium reduction. Likewise, if you had multiple claims in one area, you may need to expand limits. It may seem like a lot of work, but business travel insurance is necessary to protect your company.