Travel insurance at affordable premiums

Business trip? Do you need insurance?

Many people go on business trips every year for meetings, conferences, industry fairs and more. Whether you go on a weekend trip to a European city or a week-long trip to the States, one thing you may want to consider carefully is the issue of business insurance.

Do you need insurance?

The simple answer is that no, you do not need insurance. There is no legal requirement to take it out when you go overseas.

Business Comparison recently reported on research that found one in five SMEs do not have a specialist policy in place for their business travel.

But even though it is not a requirement, it could still be a sensible purchase, so it is something that you have to decide upon yourself.

What is it?

Business insurance is also known as corporate travel insurance, and it is essentially a policy with a greater focus on the business aspects of your trip.

That means there will usually be some crossover with events typically covered with standard cover, but with a few extras specifically aimed at business travellers.

Who is it targeted at?

Short business travel insurance cover is mainly targeted at business travellers, which includes people conducting business overseas, or going to a meeting or to see suppliers.

However, such policies can also target people who are volunteering overseas, who may become involved in some light manual work.

How does it work?

Some providers have separate policies for business cover. At Bengo Travel, for example, we have an add-on that consists of standard single-trip cover with an extra package for business events. However, other providers may have separate policies.

What does it cover?

Always remember that cover differs from insurer to insurer. Different providers will cover different events, and they will usually have different levels of policies as well, some of which are basic, some of which are more comprehensive. Some of the main things that may be included are:

  • financial protection for healthcare costs should you become injured or ill overseas is typically covered, as are other events like cancellation and missed departure that are typical on standard policies;
  • in addition, you may find that a business policy covers business equipment because you may need to take a laptop, tablet or mobile phone with you. Be careful of per-item limits because even if you have cover for a total of £5,000, the per-item limit is often lower;
  • business money for expenses may also be covered. You may take more money than you would take on a standard holiday, so this is a consideration;
  • a courier service may be included. This involves paying the costs of sending important documents from back home to your destination should something happen to the originals;
  • equipment hire is sometimes included, and this covers the cost of hiring equipment for your trip if you end up losing your own. However, this is not typically covered if you simply forget the equipment in the first place;
  • replacement personnel may also be included, which covers the costs of sending a replacement colleague if you cannot attend because of illness or an accident.

Decide whether you want to get insured

Business insurance may well be a useful purchase when you go overseas on business or even when you go volunteering abroad. However, it is completely up to you whether you take it out for yourself or for your employees. If you do decide to purchase it, always spend some time looking for a suitable policy and travel with peace of mind.