What is the need of Business Travel Insurance?
Although it may seem that there is no need for students to think about insurance, travelling without travel-insurance is quite risky no matter if one is a student or an individual with a full-time job. Unforeseen situations may happen, and these are the same no matter whether the subject is a student or not. Due to the fact that there is no insurance that fits to all needs, several types have been designed, and having a basic knowledge of these is essential for choosing the appropriate policy.
First of all, for students who visit a country or who go to a holiday once a year, the so-called “Single Trip Insurance may be the best choice. The coverage provided by this policy may last from 4 days up to 2 years, and there is an automatic protection for as much as 100 adventure sports, plus a winter sports coverage for seven days which is for free of charge.
There are many businessmen who work abroad a high percentage of their working days, and thus need to travel a lot. In order to have the piece of mind that one as well as one’s company is safe from the financial point of view, a specialist cover was designed for these situations and travellers called “Business Travel Insurance.”
Business travels – as everything in our world – carries both good chances for advancement and risks. One can work a lot and implement strategies to achieve the first, namely, to make use of one’s opportunities. Similarly, one can do a lot against the risks by purchasing a special Business Travel Coverage. Thus one can arrange their jobs and tasks abroad, while being sure that they are safe and protected in case something goes wrong.
This protection has a major impact on one’s business as well. Why? This is evident. Should an unexpected event occur, one’s business will obviously suffer as a result. Therefore a this type of travel insurance provides protection or at least some sort of alleviation, and does not let one’s business to undergo consequential losses.
But how does such a business travel scheme work?
This insurance-product type is generally available only as an annual cover, thus providing coverage for all travels. And what does such a coverage involve? It covers one for business apparatus, such as projectors, laptops, PDA’s, for other personal belongings and documents, other business-related accessories, but it also allows the insured to send a replacement-colleague to meetings abroad if he/she cannot go there for reasons mentioned in the insurance contract. Business Travel Insurance also provides one with access to over 600 special, VIP airport lounges all over the world, all these being accompanied by a Priority Pass membership that is free of charge.
What should one know about the eligibility?
The good news is that there is no upper-age limit for business travel insurance. Moreover, there is a specially designed product even for those with a pre-existing medical condition. This coverage-type has been introduced recently due to the many requests in this sense. So today business travel insurance is available for almost anybody. Finally, the application procedure is quite simple, and there is no much paperwork involved.
Let’s see the application procedure in details!
Fortunately, business travel insurances are very flexible products, and due to the high competition at the market, there are many convenient application-options, including booking online. In order to purchase business travel insurance, one needs only a few things to specify: one’s residence as well as the policy-type: single trip (which is quite rare to be found), or annual multi-trip (which is the most frequent version). The next step is the choice of the destination: One also needs to specify the trip-dates and the group-type. This latter refers to whether the travels will be made individually, or whether a couple, a group or a whole family are to travel together. Finally, one can opt for additional packs if needed. These may refer to winter sports or water action cover, but there are many other activities-packs available.
A few examples when business travel insurance may be vital include: if one has booked hotels and flight tickets after being invited to an important business conference, and due to sickness one cannot travel, such a policy covers the costs of sending someone else to the conference. Without this option, one’s company could get into serious difficulties. Similarly, if one travels abroad and becomes ill during that business-travel, this specific travel insurance provides help in paying for one’s medical treatment bills.
Finally, one must be aware of the fact that having for instance annual holiday insurance does not provide insurance-protection for business travellers. Many people tend to believe that having annual insurance makes all their travels safe, but that is not true. Most of the holiday insurances have an explicit restriction-statement in this sense, namely, they exclude business-travel coverage from their services. Therefore those who go to overseas meetings frequently are strongly recommended to make insurance-comparisons, study the various offers, and purchase an appropriate business travel insurance product, just for safety’s sake!