When considering how small businesses must protect themselves from losses and unexpected expenditures, Travel Insurance does not necessarily come to mind. It is among the ‘less obvious’ range of insurance policies that often slip through the net but can be of immense value when needed. This is especially true for businesses that require their employees to take domestic or overseas trips and wish to mitigate the risks associated with any travel. This blog examines the coverage small businesses should seek from their travel insurance and how to compare quotes like for like.

The Nature of the Small Business in Question

Before we examine the critical elements of any travel insurance from the perspective of small businesses, it is important to address why there can be no single set of guidelines that apply equally to all companies and scenarios. Let’s assume we have a small business that needs to send a team of three people to Hong Kong for a meeting. They will likely have some essential gadgets and devices with them, both for personal use and pertaining to their jobs. Most decent travel insurance policies will cover these items if the worst happens, and there should be no real issue, but there are some other factors to weigh in.

• What if the employees carry an expensive prototype for demonstration purposes?  
• Are items like that covered by all policies?  
• How do insurance providers even begin to evaluate the value of something they cannot find elsewhere to make comparisons?

This is when choosing a travel insurance policy from an online selection and simply paying for it will not do the job. If any aspect of your trip is unconventional, speaking to a representative directly and laying out your exact intentions and requirements is crucial.

Critical Elements of Any Travel Insurance Policy

Most travel insurance policies will have similar provisions at first glance, especially if touted as ‘comprehensive’ policies. Adding extra gadget and device protection provisions may be necessary if the basic policies do not provide coverage as standard. Still, the fundamental differences will lie in some of the other essential elements, namely:

• Medical treatments 
• Emergency evacuations and repatriation 
• Luggage/personal belongings 
• Property theft or damage 
• Delays and flight cancellations 
• Personal liability and collision (for rental vehicles) 
• Trip cancellation/interruption

If your trip is interrupted by an unpleasant event like lost luggage or theft, it can cause a great deal of aggravation and put a real dampener on the trip, even with travel insurance coverage. However, those frustrations and expenses are nothing compared to the cost of any required medical treatments, especially when travelling overseas. If you pay attention to one aspect of your travel insurance, ensure it is the medical coverage.

Medical cover

Medical cover is far and away the most crucial element of any travel insurance policy for several reasons. If the worst happens and you or your employees require medical assistance overseas, seeking the best possible services is in everyone’s best interests. In many countries, especially less-developed ones, these services will likely be out of the reach of the local population and seen as a luxury. You can rest assured that they come with a price tag commensurate with this view and the knowledge that people will pay almost anything to get the best treatments when injured or sick. It is no exaggeration to say that houses have been remortgaged to pay for uninsured medical treatments overseas, and this must be avoided at all costs.

As a small business owner, protecting yourself and your employees is a non-negotiable responsibility. If you ignore this coverage and disaster strikes, you risk your business and other assets.

Choosing the Best Travel Insurance for Your Small Business

As with all aspects of our lives, technology has some part to play, generally a positive one that saves us time and simplifies once-complex processes. The travel insurance industry is no exception, and technology has revolutionized the experience from both sides.

Technology

From the consumers’ perspective, technology has revolutionized the entire insurance industry, like many others. Not all of these changes are necessarily to our advantage; however, there are certain benefits associated with these advancements, including:

• Comparison websites: Comparing travel insurance providers side by side and scrutinizing the exact specifications and caveats associated with any policy is a powerful tool for consumers. Providers know their policies will be compared directly, encouraging them to improve coverage and lower prices. Although these sites are a fantastic development, it is essential to remember that clarifying specifics and discussing any bespoke requirements is still best done by contacting them directly. It is good to view comparison sites as a way to sort the wheat from the chaff and narrow down a list of potentials rather than to decide and purchase instantly.  
• Customer reviews: Anyone spending time online knows that random critiques and poor reviews are not necessarily trustworthy. However, if you research and find dozens of complaints about one of your shortlisted travel insurance providers, it might pay to heed them. 
• Governmental information and ratings: Depending on your country of origin, many governments will have a website that can be used to verify the status of any insurance provider. Governing bodies implement strict regulations on insurance companies and give assessments of their standards. That information is often available to the public and allows you to eliminate any companies that have red flags.

Final Thoughts on Travel Insurance

The beauty of travel insurance is that it lets you undertake any trip with peace of mind, knowing you are covered if things go sour. Although it pays to focus on the details and coverage, especially if you have unconventional requirements, most travel insurance policies are acceptable for short trips and will provide the coverage you need. Small business owners needing coverage for themselves and their staff on any journey should consider some of the points in this article and spend the time it takes to deal with them satisfactorily. Once this administrative effort is out of the way, it allows minds to be focused on the business itself and the reason for the trip, whether business or well-earned pleasure.

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