Business travel and travel insurance

How to find the right insurance

When travelling for business, you will often be carrying expensive items such as laptops, mobile phones, expensive equipment and perhaps sensitive documents, all the things you would normally leave behind when going on holiday! It is important to make sure your business travel cover includes these items and more.

If you work for a large company, the HR department or travel manager will usually take care of the insurance for you as part of the corporate travel policy. Large companies whose employees undertake a lot of business trips tend to have multi-trip and multi-annual policies with partner insurance firms to cover all the business travel that their employees do.

However, if you work for an SME, or are a self-employed worker, you will have to look into things yourself. The first thing to do is analyse how often and where you are likely to be travelling in the year ahead. If you are only doing one trip, a single trip policy is likely to be your best bet. But if you are likely to be travelling regularly you will want to add in multi-trip options which may well reduce the cost per trip. If you are travelling abroad, you need to take into account the different countries and risks involved, which may also have an impact on your premiums.

What to look out for

Take into account the types of equipment you are travelling with and any activities you may be undertaking during your trip. Your travel insurance policy should cover loss, theft or damage to any business equipment as well as any personal items you have with you. 

If your business trip includes sporting activities, such as golfing, and you are travelling with your own equipment, make sure your business insurance policy also covers loss or damage during transport or at your destination.

You should also ensure that your insurance policy covers any alternative travel or accommodation arrangements that need to be made while you are away. If your flight or train is cancelled at the last minute, you want to know that you can get overnight accommodation or an alternative form of transport rather than being stranded at the airport or train station.

Make sure you have the out-of-hours and emergency contact numbers for your insurance company so that in the event of a major disruption to your trip you can sort things out quickly.

Although COVID has made us all much more aware of the importance of staying healthy and taking precautions when travelling, including regularly using hand gels and masks, there is much more to travel health insurance. When it comes to domestic travel within the UK, any medical or healthcare expenses will usually be covered by the NHS, and you would be under no obligation to take out additional insurance under normal circumstances. When travelling abroad, however, you will need to make sure that you are covered in the event of falling ill or having an accident, to avoid expensive hospital fees or repatriation expenses.

A good insurance broker will investigate all options for you and come up with a tailor-made solution to your business travel insurance needs. 

What is not covered by business travel insurance?

Even the most extensive business travel insurance policy will have limitations. Although some scenarios are unlikely, it is important to bear in mind that certain expenses are most likely to not be covered by your business travel insurance policy.

Costs arising from accidents or damage incurred while intoxicated are most unlikely to be covered by any travel insurance policy. If you are under the influence of alcohol or drugs, it is highly unlikely that your travel insurance company will look favourably upon any claims.

High-risk sports such as off-piste skiing, deep-sea diving and other adventure sports are unlikely to be covered by a standard business travel insurance policy. If you do plan on taking part in high-risk sports activities, you should really consult a specialist insurance company before you go.

Luggage and equipment should not be left unattended, and most insurance policies will render any claims ineligible on these grounds. So, make sure to keep your belongings safe and within sight as far as possible.

Pre-existing medical conditions should be declared to your insurance company before you leave. This may have an impact on your premiums, but if you fail to declare it and then require treatment during your trip, your insurance company is unlikely to cover the costs. 

Conclusion

There is no one-size-fits-all business travel insurance policy. If you travel regularly for business reasons, it is worth taking the time to find out what cover suits you best. Mooncard and our partners can provide you with a tailor-made quote to give you peace of mind when travelling for work. Book a no-strings-attached demo to find out more.