In 2024, business travelers were projected to spend more than $1.4 trillion on flights, car rentals, and accommodations.1
What happens when trips don’t go as planned? Travel insurance can provide a way for professionals to help reduce the risk of physical or monetary loss when they’re on the move.
When it comes to travel insurance options, however, there’s no one-size-fits-all approach. The type and amount of protection you may need depends on where you’re going, how long you’re staying, and what you’re doing while you’re there.
In this guide, we’ll break down popular travel insurance coverages and touch on some of the benefits of purchasing travel protection before your next trip.
Types of Travel Insurance Benefits Available
Common types of travel insurance benefits favored by professionals include:
Trip cancellation
Trip cancellation coverage can provide reimbursement if you purchase a trip but have to cancel the trip before you depart. Some covered reasons for cancellation typically include sickness or injury, traffic accidents en route to departure, or inclement weather.
Some travel protection plans may also provide coverage for trips canceled by airlines due to mechanical or staffing issues.
Trip interruption
Trip interruption is similar to trip cancellation. While cancellation occurs before you leave, interruption happens during your trip. For example, if a death in the family occurs while on your trip, trip interruption coverage may apply so you can return home.
Accident & sickness
The accident and sickness benefit helps cover the cost of medical expenses during your trip. This could be something as simple as a trip and fall injury that requires stitches, or it could be something more substantial such as a multi-day hospital stay.
Baggage and personal effects
Travel insurance can also provide coverage for baggage and personal effects in the event they are lost or damaged. Protection plans typically have a set amount per item and a total maximum benefit amount.
Extensive coverage
Extensive travel protection plans include multiple types of travel insurance benefits and other non-insurance services in a single package. These packages often include trip cancellation, trip interruption, medical expense, and baggage coverage, along with options to increase coverage limits for specific benefits.
Some insurance companies may offer tiers of plans, each with its own set of coverage limits and associated costs.
The Benefits of Having Travel Protection
Insurance operates as needed. It activates when a covered event occurs and provides specific assistance as laid out in your plan. The reactionary nature of insurance may lead some travelers to conclude that it’s an unnecessary cost.
In actuality, travel protection can offer multiple benefits for professionals on the move.
- Reduced losses
The cost of canceled trips could be substantial, especially if you are a self-employed professional or work with a small business. Travel insurance can provide reimbursement up to 100% of your covered trip cost, allowing you to minimize losses and reschedule your trip without breaking the bank.
- Post-event assistance
While worst-case scenarios are unlikely, they can occur. This is why some plans may offer accidental death & dismemberment coverage — if something happens to you while you’re traveling, your named beneficiaries can receive the benefit amount listed on your plan. These maximum amounts vary but can often range from $100,000 to $1,000,000.
- On-demand support
In some cases, you just need a little help. Many travel protection plans now offer 24/7 support if you have questions about your coverage or need to start a claim. Insurance companies may also offer value-added concierge non-insurance services that assist with pre-trip planning, directions and contact information at your destination, and access to ticket services for events.
Here, There, and Everywhere
No one can predict exactly what will happen when they travel. Everything may go as planned or professionals may find themselves facing delayed flights, lost luggage, or medical emergencies.
Travel protection can’t prevent the unexpected, but it can help provide peace of mind for professionals on the move.
Author Bio- Kellyn Uhelsky is a Digital Media Manager and SEO specialist at Travel Insured International, combining her expertise in online marketing with her passion for travel. As an avid traveler and advocate for smart trip planning, she has authored insightful articles on travel protection. Uhelsky’s work empowers travelers to make informed decisions and enjoy worry-free adventures.
1 Global Business Travel Association. Global Business Travel Industry Spending Expected to Hit Record $1.48 Trillion in 2024 – Global Business Travel Association – GBTA
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