Travel Insurance – Even More Important for Business Travelers Than Other Travelers
Travel medical insurance benefits anyone traveling outside their home country, but it may be the most beneficial to business travelers. People traveling for business are as much at risk of falling ill or becoming injured as any other traveler during a trip abroad, and companies may not be held responsible for covering an employee’s medical bills and travel expenses.
>> Travel Insurance for Business Travelers
Business travel insurance protects employees against trip loss and medical emergencies, saving companies and business travelers from paying thousands of dollars in healthcare costs. The following reasons explain why employees traveling on a business trip need travel medical insurance more than any other traveler.
>> Medical Emergencies
Medical emergencies can occur at any time, including during business trips. Accidentally consuming undrinkable water or unfamiliar foods or suffering from changes in altitude or weather could cause illness and require a trip to the emergency room. More serious medical emergencies, such as breaking a limb or suffering from a heart attack, are also a possibility and can cost up to thousands of dollars in some countries. Many travel medical insurance policies provide medical coverage and will cover most treatment and services, including ambulances, surgery, and emergency medical evacuation.
>> Lost or Stolen Baggage
On business trips to attend conventions or meetings where it’s important to look professional, lost or stolen baggage can be stressful. Business travel insurance helps take the stress out of such situations, covering the costs to purchase replacement clothing and other personal items.
>> Risk of Kidnapping
As unlikely as it may seem, kidnappings are a possibility, even more so in certain countries. In the event of a kidnapping, the kidnappers may ask for enormous ransoms that employees or their companies may not be able to pay. Travel insurance with kidnap and ransom coverage pays the ransom costs and provides assistance services to help ensure the employee’s safety.
>> War and Terrorism
Travel insurance with war and terrorism coverage is not only for business travelers traveling to war prone regions. In addition to covering the medical expenses from injuries incurred as a result of war attacks, travel insurance also covers evacuations and travel arrangements needed in the case of terrorism.
>> Financial Risk
Business travelers who experience any of the above mentioned travel incidents may not be reimbursed for the expenses. Some companies may not be liable for reimbursing their employees for medical bills, lost baggage, and more, leaving their employees with up to thousands of dollars in healthcare bills and other costs. Travel insurance protects employees traveling on business trips against the potential financial risk involved with traveling abroad.
Also remember that travel insurance offered by travel booking sites and credit card travel insurance may not provide the same level or quality of travel protection for business travelers. These business travel insurance plans may have worse coverage, fewer benefits, and many exclusions. The only way to get the best travel medical insurance to suit your business trip is to read the policy details and exclusions before purchasing.
Unlike vacationers and those traveling for leisure purposes, business travelers have much more at stake when traveling abroad. Business trips can be stressful enough, and huge medical bills resulting from not buying travel insurance will only add to the hassle. Protect yourself from common business trip incidents by purchasing business travel insurance for your next business trip abroad.