When travelling for leisure, you’re probably used to getting travel insurance and you may overlook it if you’re travelling for work. However, it’s very important to get business travel insurance to ensure things like your work laptop or meeting cancellations are covered. If your trip is cancelled by the organiser, you’ll want to be able to claim back the cost of the travel and accommodation.You can’t do this on a regular insurance policy, so your personal laptop would be covered, but not your work one. To ensure you adhere to any corporate travel management policies your employer has set out, you’ll need to make sure you have the right insurance policy coverage. Let’s explore which business travel insurance is best.
Single Trip
If you’re planning just one business trip and it won’t likely be happening again any time soon, a single trip policy would be best for you. Depending on your provider, you’ll have different levels of coverage.But with a single trip policy, you’ll most likely pay less. These types of policies do require you to provide your destination and they may have a limit on the duration of time you can spend away. It’s worth checking if your company has a business insurance policy in place as you could be covered by it already.
Annual Multi-Trip
Alternatively, if you’re always jetting about for business trips, you’ll find that choosing an annual multi-trip policy is cheaper for you. Although you pay more upfront for these types of policies, you only pay it once a year and then don’t need to worry about insurance for 12 months. As the policy is designed for those taking regular business trips, they won’t require your destination as it could possibly change. You also can fly to pretty much anywhere in the world on most of these policies. However, you should still check any regulations and exclusions before flying.
Group Policy
You may not be the only one from your company making the business trip, so instead of everyone purchasing a single policy, you can group together as one. This way you’ll save money by paying for one coverage instead of multiple.
Destination
You might find that some business travel insurance prices will fluctuate depending on your destination. It’s important to check before you fly that your destination is covered by your chosen policy too, as some may only cover Europe and you could be planning to go to Japan.
Extras
Most travel insurance policies will require your age, and it’s no different for business coverage. Your age can affect the cost of your chosen policy, so it’s always good to find out beforehand. You can also add different coverage to your business insurance policy. For example, if you’re planning other activities outside of work hours, you can add on leisure coverage. Like any insurance, you want to make sure you shop around and check all the terms and conditions carefully. Take some time to figure out which business insurance is right for you, and you’ll be able to enjoy your trip with peace of mind.
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