Besides business interruption insurance that helps cover the loss of income due to a disaster, more entrepreneurs are investing in business travel insurance. This type of insurance safeguards them from significant financial losses during unexpected incidents, like falling ill or getting into an accident while on a business trip.
Because many people want to prevent paying for such expenses, the business travel insurance market is predicted to grow from $22.44 billion this year to $40.58 billion in 2027, at a compound annual growth rate of 16% from 2022 to 2028. Many people want to protect themselves from harm so they can continue international endeavors and potentially expand their businesses.
As an entrepreneur, investing in this form of travel insurance is an excellent insurance decision because it’ll cover unplanned costs when you’re out of the country, allowing you to engage in business matters without worries. If this has yet to convince you, here are more reasons why entrepreneurs need business travel insurance:
Reimbursements for cancellations and delays
Travel delays and cancellations are a nightmare for entrepreneurs. It wrecks their itineraries, paid accommodation, and international business activities.
Business travel insurance reduces the risks and costs associated with transportation delays and cancellations, allowing you to pursue your business ventures with less hassle. Some insurance policies cover meals and overnight hotel accommodations for delays until your rescheduled flight or ride. Cancellations due to weather conditions, airline issues, and the like are also covered. This insurance will reimburse you for ground transportation, hotel, and meals. As such, you don’t completely lose the money you put into international transportation and accommodation.
Besides transport and accommodation, business travel insurance covers illnesses, accidents, and injuries by paying bills and medication.
Moreover, it encompasses less life-threatening issues, like vision and dental health problems. Eye issues can include getting infections, which you must address immediately to conduct business successfully. This also covers vision accessories, including contact lenses, if you lose or damage them during travel. Online retailer OPSM accepts vision insurance, checks your plan to see your eligibility, and processes everything online. They have insurance networks and partnerships with 39 health funds, so you won’t need to worry much if you’re traveling to areas with coverage. Meanwhile, toothaches and infections can likewise hinder your activities. Dental insurance typically covers exams and cleanings that may be more costly than your residence. IMG and GeoBlue offer dental coverage for their travel insurance, and you can add other dental emergencies like root canal treatment if that’s of urgent concern.
Lost, damaged, or stolen belongings
Lost, broken, and stolen belongings—like personal items and business equipment—are a pain. Airlines have recorded 220,000 lost and delayed travel bags in a month, making this occurrence more common than you’d assume. This affects your business plans and defeats the purpose of your travels, mainly if you were meant to bring new products to an international conference.
Business travel insurance can cover these delayed, lost, damaged, and stolen valuables by reimbursing part of their costs. This includes gadgets and passports, which are otherwise essential items for entrepreneurs traveling for work. AXA Assistance’s platinum travel insurance plan can refund a maximum of $3000 for baggage, while Seven Corners limits it to $2500. Given these, entrepreneurs can travel with less apprehension.
24/7 travel assistance
Traveling is stressful enough since you must be punctual and organize your belongings. However, experiencing mishaps like booking another flight due to delays or finding another hotel because of extreme weather conditions adds to your problems, making it harder to focus on work.
With your insurance, you get travel assistance, such as finding a new hotel or alternative travel methods. This may even include legal or medical advice if you encounter such problems. As such, you can conduct business as usual without worrying about potential travel issues.
Entrepreneurs should invest in business travel insurance for more efficient and convenient traveling. If you enjoyed this article, check out our other posts here at onEntrepreneur.