What Business Owners Need to Know about Travel Insurance for Work
Getting your head around travel insurance for work is yet another thing on your list. To help, this post aims to arm you with all the basics you need to make an informed decision about business travel for work.
What are the typical costs of travel insurance for work?
Travel insurance costs vary based on a number of factors, including:
1 The age and general health of the person being insured
2 The country being visited
3 Whether the policy covers a single trip or multi-trips
Like any other insurance policy, the exact quote will depend on the circumstances of the applicant. Annual cover can come in at as little as £9/€10.20 (circumstances dependant) – though this will not necessarily have all the cover that you need.
What does travel insurance cover?
Depending on the policy level that you have and the provider that you use, your travel insurance policy will cover you for different claims. Typical travel insurance policies will include a mix of cover for the following:
1.Trip cancellation/ trip interruption coverage
This covers you if you have to cancel or interrupt your trip due to unforeseen circumstances. However, the reasons that insurers will cover do vary. For example, if you had to curtail a trip because a loved one has fallen ill, you might find your insurer will only pay out if the person is a member of your immediate family. Check your policy details to see what is covered.
2. Baggage and personal item coverage
This covers you for any baggage or personal items that are lost, stolen or damaged while travelling. The maximum payout will depend on your policy and you may find that there are also limits on how much you can claim per individual item.
3. Medical cover
This covers any medical costs, should you fall ill when travelling. It will also often include repatriation costs.
To find out exactly what your policy covers, check your policy details
What are the employer’s responsibilities with regards to providing travel insurance?
While local laws vary, it is not usually a legal requirement for employers to take out travel insurance on behalf of their employees. However, employers do typically have a legal responsibility for their employees welfare and safety while at work. In practice, this means it is usually prudent to have travel insurance in place.
As well, it makes sense for employers to confirm that:
- Employees are fit to travel. Many travel insurance policies won’t cover medical expenses if a condition is pre-existing
- Check that employees have any recommended vaccinations for the country that they are travelling to for work. Guidance can be found here: https://travelhealthpro.org.uk/countries
- Ensure employees know who to contact, should they need to make a claim while they’re travelling
As with any insurance policy, checking the details to make sure it covers you for everything you need is essential. But, by ensuring all your colleagues who are travelling for work have travel insurance, it means you’re covered for the unexpected.