What is business travel insurance and why is it important?

With the world increasingly becoming one big marketplace, many Indian companies are spreading their wings overseas. Top Indian companies already have huge branches in other countries all over the world, and it is imperative for their executives to travel to these branches, either to launch something new or from time to time to oversee their performance. And many of these executives have to travel overseas quite frequently. So, it is necessary for them to buy business travel insurance policy with a reputed insurance company. They need to choose a business travel insurance plan that fits their needs perfectly. A good business travel insurance plan would typically cover the following risks.

  • Losses caused by last-minute flight cancellations
  • Risk cover for multiple trips annually
  • Loss of baggage
  • Losses caused by delayed flights, which could mean missing important business meetings and consequently losing out on a lot of business
  • Losses caused by becoming a victim of terrorism
  • Expenses incurred in medical emergencies
  • Most business travel insurance policies cover pre-existing ailments, such as high blood pressure, which regular travel insurance may not cover.

The following are basic list of business travel insurance packages available with most insurance companies

  • Flight delay coverage would include providing some money for unexpected hotel, food and transportation costs when your flight is delayed for a reason considered valid by the insurance company.
  • Trip cancellation coverage would help you recover the money you paid in advance for non-refundable expenses.
  • A good business travel insurance package would cover losses you incur because of delays in your baggage being delivered to you.
  • Also, the insurance would compensate you if your baggage is irretrievably lost, stolen or damaged.
  • An important aspect of business travel insurance is that it has provisions to cover medical and dental expenses by helping you to locate local medical facilities which are competent to treat your injury or illness.
  • Most business travel insurance policies would also provide you with emergency assistance to find out alternative flights, track your lost luggage, find the necessary local medical centres. Some packages may even provide business-specific services like procuring business equipment, finding translators, chauffeurs, getting tickets to special events, etc.


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