Insurance for the Business Traveller
Business travellers are a marketer's dream. They travel frequently. They are informed and astute. However, frequent travellers often make their first mistake before they even leave home. They neglect to purchase travel insurance.
When it comes to travel protection, never assume. Most importantly, never assume that you don't need it.
All travel insurance plans are not created equally. Some employee benefit plans do not provide adequate travel insurance coverage. Others do not provide out-of-Canada benefits at all.
The object of travel insurance is to save you from exorbitant medical bills if you get sick or injured while travelling outside of your country of residence. Travel insurance usually pays the medical fees that are incurred in a foreign country and are not covered by your provincial health care plan.
Travel insurance also comes with emergency medical assistance, a 24/7 service where medical professionals help direct you to the care you need and organize your health care requirements, no matter where you are in the world.
With the ever-increasing cost of hospital and medical care today, no traveller can afford to be without comprehensive travel protection.
In the United States. the daily hospital ward rate can exceed US $3,000 a day. Intensive care is over US $5,000 a day. A hospital stay of one week can range from US $21.000 to US $35,000 —and this is just the cost of the bed. A procedure such as cardiac surgery can cost anywhere from US $20,000 to US $170,000, depending on the location of the facility and just how complicated the operation.
The first step in choosing a travel insurance plan is to check with your employer. Find out exactly what type of travel insurance coverage your company provides. Will it cover you outside of Canada? Does it cover leisure trips as well as business travel? Will it provide coverage for your family?
If you enjoy an active lifestyle, check if your travel insurance covers you while participating in your favourite sporting activities. If you are travelling to a war-torn country or high-risk destination for work, you will need to consider purchasing special risk travel insurance.
Many travel insurance companies offer annual plans. These are usually available on an individual or group basis. Most annual plans are offered at a yearly premium and cover short trips throughout the 12-month period.
Frequent travellers, like all travellers, should choose a travel insurance plan to meet all of their travel requirements. A comprehensive travel insurance plan provides coverage for hospital and medical care, extended health care (lab, x-rays, prescription drugs, etc.), baggage insurance, trip cancellation or interruption, repatriation, and transportation.
You don't need to be an insurance expert to buy the travel protection that is right for your needs. You should try to be an informed consumer, though. This means that you should always read the fine print and never make assumptions. The peace of mind is well worth it.
If you need a bit of extra help when purchasing travel insurance, Ingle International works with brokers and agents to find the right travel insurance product for both individuals and groups.