Business Travelers: Travel Insurance is a Must Have for all Business Trips!
You wouldn’t want to drive without auto insurance or have a house without home owner’s insurance so why would you ever want to travel without insurance either? Travel Insurance is so important especially when traveling oversees but can come in handy for any trip. Even if your company pays for your health insurance, there is a very good chance that you won’t have any coverage oversees and in some cases, you might not have any across states depending on your plan. Travel insurance will cover the cost of injuries, illnesses, accidents, cancellations, etc.
Nomadic Matt is a travel blogger that has been traveling all over the world since 2006. He gives sound travel advice and recently wrote all about Travel Insurance which is where we get our inspiration and information for today’s post.
Here is a list of tips for finding the right Travel Insurance policy for YOU:
- Find a plan with a high coverage limit to take care of all medical expenses. Most will cover up to $100,000 USD but paying higher premiums will up the coverage amount. Find a plan that will take care of all of your potential health costs so that you won’t have to pay out of pocket.
- Be sure to find a plan that covers emergency evacuation – for both natural disasters and health related injuries/illnesses. The coverage for this is generally $300,000 USD.
- Remember that Travel Insurance is not a health insurance substitute but is for any accidents that might happen while you are abroad.
Good Travel Insurance policies should include:
- Coverage for emergencies that arise that cut your travel plans short;
- Coverage for trip cancellations, hotel bookings, flights, trains, autos, etc.;
- Coverage for lost or stolen items including baggage, documents, jewelry, etc.;
- Coverage for your electronics (cameras, iPods, laptops, iPads, tablets, etc.)
- Coverage for personal accidents;
- Coverage of any legal expenses that may be incurred;
- Coverage for any sudden illnesses or injury;
- Coverage for most countries in the world (especially the one(s) you are going to);
- Provide 24 Hour Emergency services and financial coverage if you get stuck in another country
What Travel Insurance won’t cover:
- Injury to person’s on the road;
- Alcohol or drug related incidents;
- Carelessness in handling your baggage and possessions;
- Recklessness – this is defined by the particular insurance company so be sure to clarify what your company’s definition is.
Proper steps for faster claim filing:
- Have all of your receipts and documentation for everything you need reimbursement for. If you have a police report, be sure to include this as well.
- Be prepared to wait for reimbursement but if you have given the company everything they need to file the claim, chances are you will get your money back much sooner.
Where to get started:
- www.insuremytrip.com provides plan comparisons from multiple insurance companies all on one site.
- www.worldnomads.com comes highly rated by lots of worldwide travelers: Nomadic Matt says “They are very reputable and claims are quickly and fairly processed. I used them because they are the official partner of National Geographic, now I stay with them because they are awesome. While their insurance policy is similar to many of the other companies…I enjoy World Nomads because I can purchase and renew my insurance policy online in a matter of minutes, they have a very friendly and responsive staff who answer questions and help solve problems via social media, and they have great customer feedback. They tend to be the most responsive out there.”
With any decision, research is key to find the company that will fit your specific needs. Be sure to consider all of the above when narrowing down the right company.
We hope that from now on, Travel Insurance is always another business expense whenever you are traveling and wish safe journeys to all!