What is business travel accident insurance?
I travel for business, and I'm worried about something that could happen when I'm on the go. I really feel like you just can't be too careful these days. Is business travel accident insurance the type of coverage that I would need for something like this?
In short, yes. This is what business travel accident insurance is for.
Business travel accident insurance is insurance that protects against accidental death and dismemberment. It's a kind of pseudo life insurance that protects you while you're traveling. The policy pays out if something happens, even if there are other policies in place on the person's life.
Generally speaking, travel accident insurance is limited to a few types of losses, including:
- Accidental death
- Accidental dismemberment
- Travel assistance services
- Emergency medical expenses (sometimes, and with only limited coverage)
Keep in mind that different policies will have different limiting provisions, too. Some travel accident insurance plans are limited to flight accidents. In other cases, you can only travel to certain destinations for coverage to apply, or you must travel a certain distance from home.
Then there's the fact that coverage levels vary depending on the policy. That being said, you can choose a policy with more coverage if you travel more frequently. The best way to ensure you're covered is to speak with your TrustedChoice.com independent insurance agent.
How did business travel accident insurance begin?
Although this story doesn't affect your coverage, it will help you understand business accident travel insurance a bit better. Or you can think of it as a fun story to tell at cocktail parties.
Travelers accident insurance started with the insurance company "Travelers." The story goes that a businessman, James Patterson, met a banker, James Bolter, in a post office. At the time, Patterson was organizing a company with a few others in town to provide accident insurance in the US. Bolter jokingly asked how much it would cost to insure him for his four-block walk home. Batterson replied "Two cents."
That company was Travelers, and the story is famous. Chances are you're going more than four blocks, but the idea behind business travel accident insurance is the same.
Who purchases business travel accident insurance?
I travel frequently for work, but I'm not sure that business travel accident insurance is right for me. Who are the typical customers for this type of insurance?
Companies typically purchase business travel accident insurance to cover the potential loss they would suffer if a key employee died during travel. This makes sense for high-level officials or other individuals whose loss would be a blow to the company.
Then there are some travelers who purchase business travel accident insurance for themselves. These travelers are typically:
- People who travel to dangerous destinations for work (war correspondents, journalists, etc.)
- Government employees
- Business travelers, depending on the frequency of travel
This isn't to say that you shouldn't purchase business travel accident insurance if you aren't on this list. If you're not quite sure whether you should buy it, a TrustedChoice.com independent insurance agent is your best resource to make a decision.