Travel insurance isn’t just for holidays. Make sure you know what you should be covered or on your next business trip.
The digital age has revolutionised the way we do business. We are no longer tied to our desks, and instead travel the country and the world as we meet customers, suppliers, mentors and business partners.
Our work lives are blurred with our personal lives too. Trying to manage accounts, projects and presentations as well as maintaining relationships and make time for personal interests too can make for a hectic life.
It’s no surprise then, that insurance is one area that may be overlooked. After all, there is always something much more pressing to deal with first. However, if you overlook your business insurance, not only do you put your possessions at risk, but you also risk having to pay high medical bills if you’re taken ill or have an accident whilst abroad.
Read on to find out more about the importance of business travel insurance and how much you should insure yourself for.
Personal Liability – £1 Million
If you’re planning a trip, always remember to add Personal Liability on to your insurance policy. This covers you in case you injure somebody or their property. You may think this is unlikely, but mistakes do happen. All it would take is an accidental nudge to someone on the sidewalk, which could cause them to drop their laptop or fall into the path of an on-coming car. It’s much better to have the peace of mind of business insurance, than be picking up the pieces after the event.
Cancellation and Curtailment – £10,000
You know what working in business is like. Plans change, meetings get rearranged and presentations can be abandoned. You might even be forced to call off a trip yourself due to ill health. That’s why it makes sense to protect yourself against business trip cancellations.
Medical Cover – £10 Million
Of course, no-one likes the thought of being ill abroad. But there are plenty of horror stories of folk who have travelled abroad without arranging travel insurance and then having to pay huge costs after becoming ill or having an accident. Make sure you protect yourself by including medical cover in your business insurance policy. Your cover should also include repatriation costs back to the United Kingdom.
If travelling by plane, then make sure you include flight delays as part of your insurance package. If you miss a connecting flight due to a flight delay, your insurance company will normally pay out. Remember to retain any receipts and ask your airline to provide you evidence of the flight delay or cancellation. An email is normally sufficient.
As well as checking what you are covered for, it’s vital that you check the small print to find out what you are not covered for too.
Every insurance policy will have its exclusions and it’s well worth familiarising yourself with them. For example, stricter laws have just been introduced which mean you may not get an insurance pay out if you injure yourself whilst under the influence of alcohol, even if it is just one drink.
Other exclusions include taking part in reckless behaviour, such as not wearing a seatbelt, or not wearing a helmet on a bike. If you think your trip might involve sporting activities, such as skiing or quad biking, you must remember to include extreme sports in your insurance too.
Make sure you inform your insurer of any existing medical conditions. Yes, this may increase your insurance premium, but it will also mean you are properly covered in the event of a medical emergency or accident. Paying those extra few pounds will be well worth it to ensure you are covered adequately.