Travel Management Service Insurance

Finding the Best Travel Management Service Insurance

How business insurance protects your livelihood

Businessman waiting at airport. Find travel management service insurance.

A travel management service is a travel agency that provides business travel support to organizations of all sizes. Typically, travel management services help their corporate clients by facilitating and managing travel plans for their employees, managing travel risks for employees, minimizing corporate travel spending, servicing employee travelers, and providing a hub for centralized data about their corporate travel activities.

Travel management services face property losses due to things like fire, severe weather, theft, and other unexpected events. In addition, like other professional services firms, travel management services may be sued for professional negligence, as well as other types of negligence claims.

If you own travel management service, enlist the help of a local independent insurance agent who can help you find business insurance that will help you recoup your losses when things go wrong.

Why Do You Need Travel Management Service Insurance?

You need travel management service insurance to protect you from the following risks you face.

  • Lawsuits related to slips, falls, and other injuries at your office
  • Fire, smoke, or weather events that cause property damage
  • Loss of income related to property losses
  • Lawsuits related to your professional services
  • Cyber breach

Travel management service insurance helps you pay for several types of property losses, as well as the costs related to negligence claims and lawsuits.

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What Does General Liability Insurance Cover?

Commercial general liability (CGL) insurance provides broad coverage for lawsuits that may be filed against your business. It covers third party bodily injury and property damage claims, as well as personal injury claims like libel, slander, and advertising liability.

General liability insurance helps you pay for direct costs related to a claim (e.g., medical expenses, repairing or replacing damaged property) as well as your legal defense if you are sued.

What Does Property Insurance Cover?

Commercial property insurance offers protection for your physical assets. It covers damage to a building and its contents (computers, office equipment and furniture, supplies, fixtures, etc.) if it is damaged by a weather event, fire, theft, vandalism, and other causes of loss.

Most commercial property policies also offer business interruption coverage, which helps you pay for ongoing expenses if you must temporarily close or relocate due to a covered property loss (e.g., a fire).

Why Do You Need Professional Liability Insurance?

Professional liability insurance helps protect your business from lawsuits related to the professional services that you provide. When a mistake happens, it often results in financial loss for a client, and that client may sue you.

Professional liability (or errors and omissions) insurance provides protection for you if a client sues you for the following risks.

  • Actual or alleged errors
  • Omissions
  • Professional negligence
  • Breach of duty
  • Misleading statements
  • Claims resulting from the performance—or non-performance—of professional services

Professional liability insurance covers your defense costs, including attorney fees and court costs, as well as settlements or judgments that you are required to pay. Insurance companies offer a variety of specialized policies that are customized for the particular risks faced by certain professionals, including travel services.

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Why Is Cyber Liability Insurance Important?

Your business likely handles a lot of confidential information for both employers and thousands of individual employees. What if that information were exposed due a breach of your computer network or website? Imagine the ripple effect that such an event might have. How many businesses and individuals might be susceptible to identity theft or other financial losses?

Whether you are a multi-million dollar company or the sole proprietor of a small travel management service, you can be susceptible to a data breach that can destroy your livelihood. If you are sued because of a data breach or other cybercrime, your business is responsible for paying legal fees, court-ordered judgments or settlements, and other court costs. You may also incur numerous other costs related to the breach, including the following.

  • Notifying your customers
  • Providing credit monitoring services to customers at your expense
  • Public relations costs to restore your image

Cyber liability insurance covers many of the costs associated with a cyber breach. Depending on your needs and the type of policy that you purchase, it may offer:

  • Coverage for legal defense, settlements, and judgments
  • Coverage for public relations expenses
  • First-party coverage for damaged equipment, lost information, and digital assets (immediate customer and business needs)
  • Third-party coverage for customers, partners, or others if you are sued for a data breach that was caused by your actions or negligence

Cyber liability coverage can be added to a business owners policy (BOP), a commercial general liability policy, or it can be a customized, stand-alone solution. Work with your independent insurance agent to make sure it addresses the exposures you have.

Other Important Insurance Policies for Travel Management Services

You’ll likely need a variety of other travel management service insurance policies to fully protect your business, such as the following.

  • Commercial umbrella insurance: Provides excess liability protection to any of several other policies you might have. If a claim exceeds the limits of your CGL policy, your commercial umbrella kicks in with higher coverage limits.
  • Employment practices liability insurance: Covers you if an employee sues you for discriminatory employment practices.
  • Workers’ compensation insurance: This is typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job.

An independent insurance agent can help you determine your need for these or other important types of coverage.

How Much Does Travel Management Service Insurance Cost?

Your travel management service insurance cost depends on a number of factors, such as the size and location of your physical space, the size of your business, the number of years you’ve been in business, the value of your commercial property, the types of services you provide, and the number of employees that you have.

An independent agent can help you find insurance companies who specialize in travel management service insurance at a price that fits your budget.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with travel management services and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Find and Compare Quotes for Travel Management Service Insurance

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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