Business Travel Insurance
- Replacement Personnel;
- Business Equipment;
- Work Money;
- And much more.
Travel insurance providers have created the business policy to help employers better protect both their employees and their belongings while on business trips. Although most employers in the UK and UE offer their employers insurance, this will not provide the appropriate coverage while travelling. Business travel insurance is important as it protects the traveler and essential assets such as equipment and money.
Business travel insurance can be different depending on the insurance provider you choose to purchase from.In some cases, insurers offer business travel insurance separately as a special policy type like winter sports insurance or pre-existing conditions cover while others simply provide the extra business coverage for a single trip or annual insurance policy.
Whichever insurer you choose to purchase or get a quote from will provide more or less the same coverage.The extent of that coverage depends on the premiums and excess amount you chose to pay.
It is also very important that you carefully read the policy rules before purchasing as in some cases the insurer will not fully cover expensive equipment but partially.
For the extra coverage and higher premiums, business travel insurance will provide the regular coverage a normal insurance policy would with the following added sections:
��������������� Work equipment coverage. This type of coverage is used to protect important items or electronic devices such as laptops while travelling. Depending on the insurer you choose the items will be fully covered or only covered up to a specified amount.
• Work money coverage will reimburse the traveler if the money he was entrusted with by the employer gets misplaced or stolen. As money is the first thing that gets stolen, it is important to get the appropriate coverage.
• Replacement personnel coverage. This type of coverage will cover the costs of travel of a business colleague in case you cannot attend an important conference or cannot perform your business obligations because of illness or an accident. This type of coverage has some restrictions; this is why it is very important that you carefully read the insurance policy before purchase.
• Emergency courier for equipment. In the case that some important business equipment or samples are delayed or have been misplaced, the insurer will cover the costs for the transport of the new equipment.
• Delayed equipment coverage. This will support the costs of hire of new equipment if the original items were stolen, delayed or misplaced.
Not all UK insurance providers offer this type of policy as some limitations and restrictions apply to it. For example, the policyholder will not be covered for manual labor. In some cases however light manual labor or volunteer work will be covered.
Carefully reading the insurance policy before purchase is highly required not only when buying business travel insurance but any type of insurance.