Business travelers need travel insurance cover potential unexpected delays, cancellations, interruptions or baggage loss.
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Written by Alex Carver WriterAlex Carver is a writer and researcher based in Charlotte, N.C. A contributor to major news websites such as Automoblog and USA Today, she’s written content in sectors such as insurance, warranties, shipping, real estate and more.
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Our Research Process Edited by Tori Addison EditorTori Addison is an editor who has worked in the digital marketing industry for over five years. Her experience includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York’s Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.
Why Trust UsHere’s a breakdown of how we reviewed and rated the best travel insurance companies
25 Companies ReviewedOur team reviewed over 20 travel insurance companies, collecting and comparing data on cost, number of plans offered, coverage details, CFAR coverage amount and more.
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1,000 Policyholders Surveyed 36 Rating FactorsOur comprehensive rating system evaluates providers based on 36 data points across 9 key categories: cost and variety of plans, coverage extras, coverage details, Cancel for Any Reason (CFAR) coverage amount, claim eligibility for delays, cancellation/interruption coverage amount, delay coverage amount, customer service and credit rating.
Travel insurance for business travelers covers specific needs that may differ from personal vacations. For example, you may need an insurance policy to cover a laptop or other business equipment and a rental car. Trip insurance can also provide peace of mind that you have coverage while traveling so you can focus on work.
We at the MarketWatch Guides Team have researched the best travel insurance companies to help you choose the right business travel insurance policy. Read on to learn more about the benefits, coverage options and cost of business travel insurance.
Related Articles: Our Top Pick Our Top Pick Best ‘cancel for any reason’ coverage Fast and easy online sign-up 5+ customizable coverage add-ons Quick claims filing & reimbursements Best for comparing costs Compare 12 companies instantly A+ BBB rating Over 100k 5-Star reviews Best for families 1 child covered for free Adventure sports and pet add-ons 6+ plan options Best for trip interruption coverage 24/7 concierge assistance 175% interruption coverage A+ BBB ratingOften referred to as corporate travel insurance, business travel insurance can protect you from financial risks and losses during work trips. While personal and business insurance products still offer trip cancellation and medical coverage, there are a few key differences compared to standard travel insurance.
Business travel often includes unique risks due to frequency, trip costs and busy itineraries that require transportation. Frequent business travelers may benefit from multi-trip or annual insurance plans, along with generous coverage limits for trip delays, lost luggage and stolen business devices. These types of trip policies can help combat financial losses related to work travel.
Below is a list of the main policy types for business trip insurance.
If you need to cancel a business trip or cut it short due to disruptions, travel insurance with trip interruption and cancellation coverage can help recover non-refundable, prepaid costs. Reimbursement is subject to reasons approved by your travel insurance provider and can vary. Generally, travel insurance covers cancellations due to the following unforeseeable events:
Since most policies cover cancellations for unexpected or emergent reasons, business travelers may choose to upgrade their plan with cancel for any reason (CFAR) coverage. CFAR coverage is an add-on that allows you more flexibility in canceling your trip.
Travel insurance with baggage coverage reimburses partial or full costs due to:
Furthermore, most policies provide baggage delay insurance to reimburse you for purchased necessities (like clothes and cosmetics) if your luggage arrives late to your destination.
It’s important to check the fine print of policy documents to ensure you have sufficient coverage for specific business equipment. Many providers offer additional business coverage as an upgrade. For example, the Allianz AllTrips Executive Plan features specific benefits for business equipment and rentals.
Business travel medical insurance can help cover emergency medical expenses during business trips. While some private health insurance extends international coverage, government health insurance will not pay for your medical care while traveling abroad. Comprehensive travel insurance plans also include emergency medical evacuation and repatriation coverage, along with accidental death and dismemberment benefits.
Travel medical insurance typically pays emergency healthcare costs related to:
The cost of travel insurance depends on your provider, coverage selections and destination. Generally, travel insurance policies cost $35 to $200 per trip. However, your cost may vary if you add business-related coverage such as device protection or rental car damage. You may also have a different rate if you opt for multi-trip or annual coverage.
You can also check with your credit card company to see if you have existing coverage, or opt for coverage through your airline. We suggest requesting quotes from at least three providers before selecting a travel insurance plan.
Whether you’re embarking on a single-trip business venture or you travel for work regularly, it pays to safeguard your travel investments. Business travel insurance costs are minimal in comparison to expensive last-minute cancellations or health emergencies while overseas.
Here are some of the top benefits of a business travel insurance plan:
Most comprehensive travel insurance policies are suitable for business travelers. You may choose add-ons for extra protections, including rental car, CFAR and business rental equipment coverage. To choose the right policy, consider the below tips:
Before purchasing business travel insurance, consider your personal requirements. For example, you may need coverage for pre-existing medical conditions. If you are traveling abroad, international travel or visa requirements could require valid travel insurance.
If you’re traveling with expensive electronic devices, check that your policy includes valuables or device coverage. Also, consider baggage loss coverage if you plan on checking any valuables with your bags. For regular business travel, consider purchasing multi-trip or annual insurance policies to pay one premium for multiple trips made during a specific time frame.