Business Travel Insurance

Every day there are thousands of business men and women boarding planes, trains and other modes of transportation in order to travel as part of their job. These individuals need to have business travel insurance that covers them in a variety of situations. There are many options to choose from and the best bet for business travel insurance is a package that puts all the necessary coverage in one plan, including medical, delayed or missed flight insurance, baggage insurance, cancellation insurance and a comprehensive policy to cover any other events that aren’t included individually. The following information is designed to provide an overview of the various components that should be included in business travel insurance.

Medical Travel Insurance

It is impossible to predict when an injury or sickness will occur and this makes medical travel insurance very important when planning a travel insurance package. Planning for the unlikely event that a sickness or injury could occur just makes good business and financial sense and shows that the business person is planning for every possibility.

Business people that travel to foreign countries are at greater risk to develop illnesses that they might not otherwise have encountered. Viruses can be contracted in foreign water and even the foods that are not part of the traveler’s normal diet. If this occurs, the business person many need to seek medical help. It can be difficult to find a foreign doctor or hospital that accepts health insurance, unless the insurance is specifically designed and written for travelers.

Medical insurance for travelers is relatively inexpensive and can be included as part of the overall travel insurance package. This provides a peace of mind that should the business person become sick, quality healthcare can be obtained without the traveler going broke in the process.

Medical Evacuation Insurance

Medical evacuation insurance provides the traveler a way to get back home should they need to be evacuated from their location due to a medical emergency. This coverage also provides for evacuation to the nearest hospital if necessary and then home after health care is provided.

Evacuation can be a major expense, particularly if the health condition or injury requires the use of a medically outfitted mode of transportation, such as an airplane with a hospital bed and staff. It can cost thousands and thousands of dollars to find medical evacuation transportation. Having this insurance makes it possible to find a way home or a modern hospital without worrying about the cost.

Evacuation insurance can also be a life saver if a contagious virus or other condition develops while on business that prevents travel on a commercial airline where other passengers would be affected.

Trip Cancellation Insurance

Most business people have their trips planned well in advance of their actual travel date. Flights, hotels and rental cars are typically booked and paid for by the office staff months in advance. This is good planning but can also open the door to losing money should the trip have to be cancelled due to business meetings that can’t be changed, family emergencies or other reasons. Most hotels and airlines charge stiff fees for cancelling and in some instances the entire cost is forfeited, for instance if the cancellation is the day of the trip. However, adding trip cancellation insurance to the travel insurance package makes it possible to either have the costs refunded or the dates changed for the travel without incurring any penalty fees. This should be considered a must for the business traveler since business trips and meetings can change overnight.

Baggage Coverage

Baggage coverage provides compensation for the loss of baggage, a seemingly common occurrence for travelers. Lost or stolen baggage can be a nightmare for a business traveler who needs to be dressed for meetings and other important events. Comprehensive baggage coverage can also provide cash to be used in order to purchase clothing and necessary personal items while the luggage is being located or a complete replacement is made.

Missed Connection Coverage

One delayed red light, bad weather or even a departure gate that is on the complete other side of the airport can cause a connecting flight to be missed. In some situations this can be costly; however, missed connection insurance can allow the flight to be replaced with a new one without incurring fees.

Travel Insurance Packages

Travel insurance packages combine all of these insurances into one bundle and make it cost effective to purchase and have in place for the trip. There are many different travel insurance companies that can help put together these types of packages. Travelers should investigate the various possibilities and customize a package for their needs. Business travel insurance will help prevent financial loss should there be any unforeseen events such as missed flights, lost baggage or illnesses.

Auto Insurance Terms for the Everyday Driver

Shopping for auto insurance can be a confusing quandary of unknown terminology and if a claim ever has to be filed the confusing just gets worse. This is simply because every business has their own lingo that applies to their industry and it is up to the customer to learn what the terms mean and understand how they apply to them before purchasing insurance.

Some of the most important insurance terms are included here along with their definition. This should help keep the process of dealing with insurance companies from feeling like going to a foreign country.

Terms to Know

  • Actual Cash Value: This is how much the car would be worth on the market today. This is typically used when determining how much the insured receives if the car is in an accident.
  • Amendment: A clause or change to the policy that is made after the policy is in effect. This must be signed by both the insured and the insurance company.
  • Anti-Theft Devices: These are devices that are on the car to deter potential thieves from damaging or stealing the car. There are a variety of these devices available and insurance companies typically offer discounts for having them on the car.
  • Assigned Risk Insurance: Some states mandate that insurance companies take a pre-determined number of high risk drivers into their pool.
  • Auto Replacement Insurance Coverage: This type of insurance is a supplemental insurance that provides for the insured’s car to be repaired or replaced regardless of how much it costs. This can be a pricey insurance but does guarantee that the car will be replaced no matter the cost.
  • Bodily Injury Liability: Bodily injury liability is the section of auto insurance that pays for injuries caused by the insured in the event of a car accident. This is important to prevent the insured’s personal assets from being brought into a lawsuit should an accident occur.
  • Binder: The binder is the documentation that shows there is temporary insurance on the vehicle until the full policy comes into effect.
  • Collision Coverage: This coverage pays for damage to the vehicle in the event of a collision or other event that causes damage. If the car is fully owned, it is an optional coverage; however, if there is a lien on the car, the lien holder may require collision coverage in order to protect their investment.
  • Comprehension Insurance: This type of insurance provides coverage for any event not covered by collision insurance, such as theft, damage from natural disasters and other things.
  • Deductible: This is the monetary amount the insured will have to pay before the insurance kicks in and covers the remainder of the bill. This amount varies depending on the insured’s selection at the time the policy is written. Typically, a higher deductible will result in a lower policy premium.
  • Gap Insurance: Gap insurance provides coverage for the monetary difference between what is owed on a vehicle and the amount of the actual cash value should the car be in a wreck. This can be very important should there be a large amount owed on a car with a low actual cash value.
  • Grace Period: This is a period of time, typically 30 days, in which the insured is allowed to make their premium payment. Once the grace period is up, if payment on the policy has not been paid, the insurance will be cancelled.
  • Liability Insurance: This is the insurance that is mandated to be carried by every driver in most states. This covers any damage or losses that are the fault of the insured. Liability insurance covers losses to both property and persons.
  • Passive Restraint Systems: Many people don’t know what this actually includes and so they don’t get the discounts that are available to them. Passive restraint systems include seatbelts and airbags, items that help to protect the occupants of the vehicle from injury.
  • No-Fault Insurance: This type of car insurance is similar to liability insurance and is a type of insurance that covers damages no matter who is at fault in the accident.
  • SR-22: SR-22 insurance is also known as CFR in some states. This Certificate of Financial Responsibility is insurance that states the minimum amount of insurance required by the state is in effect. SR-22 insurance is a pricey insurance that is typically carried by high risk individuals, such as those who have had prior DUIs or a history or reckless driving.

There are many, many more auto insurance terms that the everyday driver may need to know; however, these are some of the basic terms that should help get a policy in place without the insured feeling totally overwhelmed. There are many online dictionaries that will help with the definition of other terms.