Avid traveller and New York Times columnist Seth Kugel likens travel insurance to a side dish, like fries. In almost all his travels, Kugel didn’t buy the “side dish”. After all, he’s healthy and is covered by a medical policy even while in another country. Eventually, however, he ended up purchasing one, with the sole purpose of evaluating whether or not a travel insurance is, indeed, beneficial.
So, should you get travel insurance if you’re off on a business trip soon? After his experience, Kugel says that travellers who consider themselves “high-risk” or they are more likely to make a claim, should get insurance. This is a particularly smart move, especially for adventurers who prefer to ‘go with the flow’ and not pre-book accommodations, city trips, or other trips. Or not take serious consideration to important travel essentials.
To determine if you and your staff or employees need travel insurance, you need to learn more about what this type of policy can provide. In general, such a coverage is intended to protect you against unforeseen but all-too-common misfortunes while travelling. In this light, it’s easy to view travel insurance as something akin to an extended product warranty, which many surely appreciate having.
Travel insurance can protect the insured from emergency medical expenses, personal liability (if you’re unfortunately sued for damaging property or causing harm), stolen or lost luggage, and the costs of cancellations, delays, and shortened trips.
So which type of travel insurance suits you best? If you’re a frequent business traveller, then you’re usually better off choosing an annual policy that covers multiple trips at once. Based on your travel needs, you likely already know much about all the things that can go wrong on your trips, like flight delays, sudden cancellations, or interruptions, which could cause you to lose business and money. Likewise, it would be wise to look into a corporate policy that can cover both your business and personal trips to avoid the hassle of one-off or separate travel insurance purchases. Contact noted insurance brokers like Insuring theProduct, who serve businesses on the Sunshine Coast.
There are always risks with travel and one could never predict all that could happen while travelling. As you would cover and minimize any other business risks, you should also do the same for your trips, especially when these have become essential parts of your work and your lifestyle.
This information is general advice only, please consider the PDS before making a decision to purchase Travel Insurance. Refer to the FSG on our website for our services and remuneration details.
Should You Buy Travel Insurance? New York Times, January 29, 2013