Whether you travel alone for business or you travel with colleagues, you face certain risks. Important equipment is often lost during travel, and occasionally a traveling businessperson may need emergency medical care. Getting the right insurance coverage can help you easily resolve these types of problems. Businesses often choose to sign up for comprehensive travel insurance so that they won't have to worry about problems while employees are traveling.
Common Reasons For Buying Business Travel Insurance
There are lots of reasons business owners get comprehensive business travel insurance. Businesses often think about minor inconveniences that insurance might cover, such as an employee's flight being canceled or his bags being lost en route. Businesses that deal with international travel may get insurance on passports and important documents so that these documents can be replaced if lost or stolen.
The most important reason for businesses to get Oklahoma City travel insurance involve the possibility of emergencies. In addition to the possibility of an employee getting sick or injured while traveling, businesses need to cover themselves against the possibility of hurricanes, earthquakes and other natural disasters while traveling. Employees traveling internationally also have to be protected against losses resulting from terrorism or other violent crime.
Company owners have lots of options to consider when signing up for travel insurance. Most insurance plans cover business losses for twelve months at a time; these plans offer the following coverages:
- Replacement or repair of equipment that is lost, damaged or stolen.
- Replacement of business documents or passports that are lost or stolen.
- Coverage for additional travel costs, such as having to extend a business trip or purchase a new ticket for a substitute representative at an important meeting.
- Lost baggage.
- Medical expenses related to the trip.
Things To Keep In Mind When Looking For The Right Policy
There are a few things you should consider when purchasing travel insurance for your business.
- Medical Insurance. Discuss your current medical insurance policy with your insurer. If your employees are already covered by medical insurance for injuries and illnesses while away, you may not need to purchase this type of coverage. You don't want to pay twice for the same services.
- Leisure time or family coverage. You have the option of covering your employees for leisure activities such as vacations. Some polices even cover employees' families for injuries, illnesses and losses related to travel. While you don't have to purchase this type of coverage, you can offer it as a benefit of working for your company. Investigate the costs and coverages of different policies if you are interested in this benefit.
- Maximum Travel Length. Different policies offer coverage for different lengths of time. Many policies cover employees for every trip, but some may have a limit as to how often your employees can travel. For example, some insurance policies only cover employees for up to 180 days of travel per year, while others may only insure them for 30 days a year. The more coverage you get, the more you'll pay in most cases, so you should consider how much travel coverage you need before purchasing a policy.
If you're looking for travel insurance for your business, please call ECI Agency Inc. at 405-373-2977. We can help you find the right policy for your needs at a price you can afford.