When you’re traveling for the purposes of conducting business, you might assume that your existing insurance policies will be sufficient to cover any mishaps along the way. However, when equipment and inventory are at stake and you’re dealing with company property, there are some considerations that should be made prior to booking any flights or reservations. With that being said, there are several things you might want to look into before setting out on your next business trip.
International Travel Insurance
If you are going to be traveling abroad it may make sense to compare international travel insurance policies to ensure that your assets and plans are protected in any country. This is an important decision to make early on because many conventional domestic insurance policies will not cover events that take place in certain countries. Thus, you’ll want to examine location-specific clauses within the terms of your policy and/or ask a representative with your insurance provider about whether there are coverage limitations on international travel. According to trending data on InternationalBrief.com, business travel insurance is one of the most overlooked yet crucial kinds of coverage to have.
It is essential to have comprehensive luggage insurance to prevent the loss of proprietary material. In the event that your luggage is lost, you don’t want to be losing or damaging valuable business property without any sort of compensation after the fact. This is true regardless of whether you’re traveling with your own company’s property or equipment supplied by your employer. If you are keeping it in your luggage while traveling, it makes sense to ensure it’s covered by your travel insurance policy.
Things to Consider about Car Insurance
Business travelers should also consider whether their personal vehicle insurance is sufficient to cover any events that might take place during the course of a business trip. If you’ll be driving a company vehicle, then your employer probably has you covered, but rentals or your own vehicles may need to be insured under a commercial policy that’s separate from your personal coverage. Personal insurance policies will typically not cover anything that happens during the line of duty, even if you’re just traveling from one office location to another.
Health Coverage Considerations
Although your existing primary health insurance policy will take care of any kind of medical care or treatment you might need during your trip within the United States, it’s always good to make sure you have the recommended vaccines for the country/continent that you’re going to be visiting. Your insurance will probably cover that but perhaps will not cover accidents on foreign soil. Each provider is different. Travel health insurance is always recommended. Also, keep in mind that any first aid kits or safety equipment can be filed as tax deductions for business purposes.
The Importance of Keeping a Record of Your Belongings
Finally, having adequate insurance is only the first step in protecting the value of your assets, as you’ll also need to keep a detailed itemized list of everything valuable that you’re bringing along. You may also want to photograph any equipment or other valuables before traveling to obtain proof of the condition of your luggage before the trip.