Even if a trip is carefully planned, things can go wrong that weren’t expected. Anyone who has ever been on vacation can attest to this. Even going somewhere for work isn’t an exception. There are, however, things you can do to protect yourself.
Flights get cancelled, people get sick, and bags go missing. When travelling for work, you could face all of these common risks covered by business travel insurance.
The market recovered from a significant drop of slightly less than 20% in 2020 caused by a pandemic. The travel insurance market in the UK is expected to grow at a rate of more than 4% per year from 2021 to 2025. In 2020, the written premiums on the market were worth GBP 510.8 million.
This forecast focuses on the long-term effects of the pandemic on the travel insurance market since it predicts that after the first recovery in 2021, the market will slowly bounce back at a moderate rate.
Find more about business travel insurance coverage in 2023, when you might need them, how they can help your finances and the price.
What Usually Includes Under a Business Insurance?
Your business travel insurance will pay for several things. Most of the time, the following fall into this category:
- Any problem with a person’s travel plans, such as cancelled flights, late departures, or missed connections.
- Your vacation is cut short or ends unexpectedly because of a sudden family death.
- Costs related to medical treatment if you get sick, as well as costs related to medical repatriation if you get sick and need to go home quickly.
- You’ll get legal aid if you’re injured or sick.
There are several options for buying business travel insurance. You can apply for startup business loans if you have to renew them every 3 or 6 months.
Should I get insurance for my business trip?
Since there are so many elements to consider while arranging a trip, it’s impossible to tell what may go wrong. Because of this, getting travel insurance for business is a very important precaution to take, as its adaptability protects you against a wide range of things you can’t plan for.
In many situations, you’ll be glad you got business travel insurance. Some of them are:
1. It would pay for a replacement flight for you if you had to rush back home because you forgot something and didn’t have much time to plan. In this case, your insurance might even pay for a coworker to fly in from somewhere else to finish a business trip at your place.
2. If you got sick while on a work trip in a country that doesn’t offer free healthcare to its citizens, your business travel insurance would pay for your medical care. It will also pay for the costs of sending you home if it is considered medically necessary.
3. If you drive to the airport in a rental car and it breaks down on the way, causing you to miss your flight, your business travel insurance may pay for the extra transportation costs to get you back home.
4. If you have business travel insurance and your work laptop gets lost, stolen, or broken while you are away on business, the insurance will pay for a new one.
5. If your luggage is delayed more than 12 hours and you must go to a big meeting without a clean suit, your business travel insurance may pay you to buy new clothes.
How Insurance Covers Business single trip and annual policies
When buying business travel insurance, you will usually find that you can get coverage for a single trip or the whole year.
- Single trip business travel insurance: If you only take one business trip a year, you might want to look into this type of coverage, which covers shorter time periods.
- Annual business travel insurance: If you plan to travel for work a lot over the course of the year, you might find that the flexibility of an annual policy is better for you.
Of course, most work trips are made with a group. For example, you might be a local business that is sending a group of employees to a trade show. If that’s what you want, you can get commercial travel insurance for your whole group under a single policy. Still, this only applies if you are travelling with a group.
How much does insurance for business trips usually cost?
Like most other types of insurance, the price of your business travel insurance premium will depend on a number of things, such as the following:
- Whether you only want insurance for one trip or the whole year.
- If you or anyone else in your group has been sick for a while.
- Think about whether your things, bags, or business equipment need to be protected.
- When you travel, where you are going.
- The risks you face as a worker in your field.
Single-trip travel insurance is for people up to 89 years old who are travelling alone or on a package vacation for up to 15 months. This type of insurance can be bought up until age 89. It will probably cost you about £23.58.
You can expect to pay about £73.19 a year for business travel insurance that covers more than one trip. You may get business loans on benefits in the UK to fund your business trip.
Conclusion
Insurance for business trips is one way to protect yourself and your travellers from the dire financial effects of unplanned events, giving you and them the peace of mind you need. It protects you from some financial risks and losses that could happen, which makes it easier to deal with changes to your trip plans that you didn’t expect.
This goes for more than just cancelled flights and lost luggage. Therefore, you might want to get one before you leave on your trip.
Jessica William operates as a Senior Consultant and Chief Content Editor for 10 years at 1Onefinance. She assists the firm in getting a grip on the new lending laws and regulations. She does so by researching the trends, consumer requirements, and new audience preferences. Jessica is responsible for making important financial and administrative decisions.
Apart from helping consumers with the best solutions, Jessica Williams helps them ensure financial stability. She analyse the business data, finances, expenses, and revenue/ income of customers and determines necessary changes. Jessica finished her Doctorate in finance and law and implements her knowledge to the best interest of the firm and customers.