5 Travel Insurance Buying Tips for Business Travelers

Any business owner worth their weight in salt understands the necessity of travel insurance. Putting employees’ lives in danger isn’t worth the saved money. Anybody who values their lives buys travel insurance. However, finding one is not as easy as selecting a plan and then going on your merry way. There are several factors we need to look at before finding one that’s right for you.

1. Don’t Get Kidnapped

If I had a dollar every time I bit my nails reading a story about foreign tourists who were kidnapped, held for ransom or eventually murdered… I’d be set for groceries every week. Did you hear about the American student who, traveling with her French boyfriend in Brazil, was kidnapped and robed? To make matters worse: her captors raped her in front of her boyfriend. In the Philippines, two Canadians and a Norwegian resort manager were kidnapped. Thrillist lists the 7 most dangerous countries to visit for this reason.

You can see why, as a business traveler, it’s worth exercising every precaution to keep yourself safe. You owe a duty to yourself to check with your business for travel insurance plans that provide kidnap protection.

(Arriving back on home soil safely means the company didn’t dip into your insurance plan, which believe it or not ends up saving the company—or yourself, if you paid for it—in the long haul.)

2. Health Benefits

Do you know how much coverage you’ll have in your health insurance benefits outside the U.S.? Yes, you may have an idea or an inkling. Do you truly know, in exact detail, how much coverage you’ll have? Double-checking and even triple-checking (in most instances) is better than a half-concocted guess. Call your health insurance company or benefits department immediately. Or, if you don’t need help, please refer once again to your health insurance guide. Specifically the sections covering your benefit ranges.

3.Annual Plan

How often do you travel monthly? Do you often take off within a 72-hour notice? As business travelers, we’re expected to jet as the contract/event/reason/meeting calls. Annual travel insurance plans are a Godsend. Here’s why: all travel documents can be had at one phone call. (You know how heavenly that is when you travel every single week.) Not to mention that these annual plans save you and the business money in the long run.

4.Compare Travel Insurance Plans

Buying a travel insurance plan without comparing benefits offered (or prices, for that matter) between plans is like buying stock in a company without reviewing that business’ quarterly revenues. Aardvarkcompare is one comparison service that shows you what various plans offer.

In general, the average site will ask for your trip dates, returns, cost, number of travelers and their ages, and so on. They’re extremely easy to use and pay off in spades.

5. Security Is Paramount

Do you have a security program set in place? It’s worth double-checking just to be sure. A lot of businesses send representatives and workers overseas. Not having a security program for these workers means the company’s assets are liable to be damaged – or, worse. When you decide on an insurance plan, lookout for assistance services. Look for services including the following: emergency cash transfer, medical referrals, lost item location, medication replacement, and pet/vehicle return (to name a few). This means keep your eye out for plans that will find local translators for you, qualified drivers, and even locate local medical centres.

Conclusion

Travel insurance becomes more of a necessity if your agenda involves a politically-unstable region. Some major companies understand the value of insurance and spare (almost) no expense forking over payment. On the other hand, some companies have business travelers paying out of their own pocket. Whatever the case, I hope you keep these tips in mind for making sure the plan makes all parties involved happy.