Traveling restrictions are loosening up, airlines are ready to receive more passengers, and you’re eager to get to that training, conference, and keynote speech. After all, as a business person, you need that cash flow rolling in. Prior to the pandemic, visitors spent around $46 billion in Pennsylvania. Everyone is eager to go back to those days. But if last year has taught us anything, is that you can never be too safe when it comes to traveling. We’ve always had the risks of losing bags and plane cancellations. However, nowadays, risks are even higher and more, including getting seriously ill or being stuck abroad for an undetermined period of time. What would happen to your business then? Not much if you’re covered by business travel insurance!
Have you heard of business travel insurance? We sure hope you have it because it is so worth it! Here are 5 types of coverage that make it so.
- Medical costs
Whether it’s the current virus, a car accident, or just a bad case of food poisoning, health issues are always lurking around the corner. Just think back about all the global infections, like Ebola or H1N1, and how many unprepared people they hit. We’ve never been safe from diseases, accidents, and illnesses. But it gets even riskier when traveling. On a global scale, international travelers file more medical claims than non-travelers. Those include psychological problems as well.
Even if you’re just traveling within Pennsylvania alone, you can catch some nasty local diseases, like rocky mountain spotted fever from ticks or shingles. Did you know that, on average, 1 in 3 people in the US will get shingles within their lifetime?
The point here is that your health will always be at risk no matter where you go, but more so when traveling. So you want to be protected and business travel insurance can do so. It can pay for overseas expenses, emergency transportation back to the United States, and costs related to pre-existing conditions.
- Trip cancellation
Thousands of flight delays and cancellations happen daily within the US, across all states, and all airlines. They may be due to weather, safety, or poor administration. Either way, if you’re betting on that last-minute trip to close a deal, the odds are not in your favor. Virtual videos and tours have taken care of some of these issues, but online negotiations are just not the same as handshakes.
Luckily, most business people understand the current situation and can be lenient on second chances. However, without travel insurance, you won’t find that leniency transferred to your budget too. Business travel insurance can cover your financial investment into some of those travel arrangements that never happened for reasons outside your control.
The summer has brought with it a new record of high global temperatures and fires. The West Coast and a few other countries, like Turkey, were hit particularly hard this year. But natural disasters are a common occurrence all around the world, including Pennsylvania. Floods, storms, and landslides are quite frequent here. And if Mother Nature isn’t enough, manmade disasters are also waiting to happen. In Pennsylvania alone, one in four dams is deemed “high hazard.” Only one of those going down could cause irreversible damage to some areas, requiring immediate evacuation.
So if you’re traveling to or within the Commonwealth, you should definitely consider travel insurance if the worst-case scenario does happen. In fact, if your business is located in one of these risk areas, then you might want to consider more than one type of insurance. Contact one of our representatives at Gilmartin Insurance to assess your business risks and find the best coverage for you. You can easily get a hold of us over the phone or in one of our 3 offices (Scranton, Pittston, or Lehighton).
- Loss of personal belongings
Yes, you may pack light when traveling for business and lose only a few items. But think about the importance of those items. You’re probably bringing a laptop, a few gadgets, a passport, government or business documents, and the like. Even if you’re not losing those kinds of items that are hard to replace or irreplaceable, you may lose your luggage with gifts or items that have sentimental value. Your lucky charms, pictures, favorite suit… sure, you will likely get them back but they won’t be there when you need them.
With business travel insurance, you could get paid for some of that loss or inconvenience. We know that financial compensation cannot reverse those damages, but it’s a start. It can help you replace a few belongings and a sense of vindication.
- Kidnapping, terrorism, and death
Depending on your status, your business, where you’re heading, or the value of the items you’re traveling with, you might draw the wrong kind of attention and run the risk of, well, disappearing. These cases are, for sure, the toughest of all, and not much can help you personally in these situations.
However, if you are a business owner, you’ve probably worked hard to build up your company, especially if someone would be trying something so horrible on you. That’s why you should consider protecting your assets, even if you’re not around… temporarily or otherwise. Having travel insurance can help you pay some part of the ransom amount to bring you back or take care of various logistics if the worst were to happen.
Nothing is a guarantee when traveling for business, whether locally or internationally. You run a wide gamut of risks and getting insured is truly the smartest way to go about it. If you’re not sure where to start, we can help. Feel free to call us or drop by any time to find out all your business travel insurance options.