Travel insurance is usually purchased as a standard combined package of covers designed to protect you from a variety of adverse events that could occur while you are on a business trip or holiday.
Often these areas of cover are subject to specified limits and excesses, so you will need to read your policy document carefully to check how much you are covered for and what, if any, excess you would need to pay in the event of a claim.
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Business Travel Insurance Covers typically include:
- Provision of some financial recompense if your trip is cancelled or curtailed due to circumstances beyond your control
- Medical emergency and/or repatriation expenses if you are ill or injured
- Loss or damage to your personal possessions
- Expenses incurred due to a delayed departure
- Expenses incurred replacing a lost passport
- Legal expenses and personal liability cover in the case of an accident where you cause injury or damage to a third party or their property
- Compensation if you suffer permanent disability or death whilst on the trip.
Travel insurance policies may be purchased for individual trips or as an annual policy for all trips taken in the year of insurance. These two policy types are fairly self-explanatory.
1. Single-trip travel insurance covers you for one specific holiday.
2. Buying annual travel insurance (also known as 'multi-trip travel insurance') covers you for several trips over the course of the year.
Annual travel insurance also offers a convenience factor as you only have to purchase once for the year rather than shopping around for travel insurance each time. One thing to consider is the number of days the policy will cover you for. In some cases this is unlimited, but some policies only cover you for 21, 35, or 45 day individual trip lengths.
An annual policy covers you for one year from the start date you choose - so be sure to choose that date carefully. It might seem obvious to just choose the first day you plan to travel, however cancellation cover will only begin from this start date, so think ahead. You may prefer to choose the date you booked the holiday instead.
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For more information, or to discuss your Business Travel Insurance Requirements, call Richard Gorst on tel: 0151 423 7500 or email: Richard.Gorst@mitchellcharlesworth.co.uk.
Mitchell Charlesworth Insurance Solutions Ltd is registered in England and Wales no. 7002662 and is authorised and regulated by the Financial Conduct Authority.