What is worldwide business travel insurance?
Worldwide business travel insurance is an insurance policy that is specially adapted for business travel. As such, it covers everything travel insurance does, with a few added extras to protect business-related valuables.
What does worldwide business travel insurance cover?
This kind of insurance is perfect for corporate travelers as it covers business-related items and can be adjusted to personal needs. Among the typical items covered by business travel insurance are:
- Lost luggage and personal items
- Travel expenses, cancellations and delays
- Medical treatment and related transport
- Business equipment
- Laptops and other electronic devices
- Replacement colleague cover
- Money carried for business
How does worldwide business travel insurance work?
Corporate travelers can choose between single-trip and multi-trip policies. Logically, single-trip policies cover a traveler for the duration of one trip. Multi-trip policies cover a pre-arranged period of time, for example a year, during which a traveler will be insured on all trips. Both types of travel insurance cover travelers on domestic and international trips.
Travelers or companies can contract policies through insurance companies, corporate travel tools or insurance comparison websites. Furthermore, when organizing insurance, travelers can request optional extras, like extra cover for business equipment or medical expenses.
Is business travel insurance tax deductible?
Worldwide business travel is not always tax deductible.
Self-employed workers can deduct all business-related costs, including business travel. However, on a bleisure trip, you will have to separate business costs from pleasure costs.
Do I have to organize my own business travel insurance?
Most large companies provide business travel insurance for employees and often get discounts when contracting policies for an entire workforce. This is preferable for companies and employees, as it removes the need to organize it for every trip.
Smaller companies and startups are likely to pay for travel insurance, but employees often have to organize their own policy.