Buying temporary insurance to protect you from the unexpected while traveling, is a smart and affordable decision. Whether you are on the road for business or pleasure, the protection and peace of mind that it affords you is more than worth the cost but there are important differences between business travel insurance and vacation travel insurance.
The purpose of both types of coverage is the same; protection from financial responsibility and liability that could arise as the result of an accident, illness or event while you are traveling and protection against loss of or damage to personal property. Many of the available options and features of these policies are intended to cover the insured party from common hazards that can occur to anyone regardless of the nature of this trip. Who has not worried that a delayed flight or bad weather might throw a monkey wrench into his plans? It does not matter if your reason for traveling is work or fun; that would be a problem. The differences between business travel insurance and vacation travel insurance are more detailed because they target issues that are specific, and not likely to be encountered by both the vacation and the business traveler.
There are a number of potential difficulties that could occur to a person who is flying to Europe for a business meeting for example, which would not be a concern for other people on the same flight who are taking a family vacation. Business travel insurance was developed to address exactly those issues. The additional options that are available to the salesman or executive who is traveling for his job make this kind of coverage a fundamental necessity to him or to his company.
A delayed flight due to mechanical problems or bad weather can mean the difference between a successful business presentation or a lost opportunity and potential loss of income for the company. Lost luggage for the casual traveler is an inconvenience but for the executive whose briefcase is lost or stolen, it can be catastrophic. The documents it contained may be irreplaceable. The business traveler often carries samples or prototypes that are essential to his presentation. Businesses commonly protect their high level executive from occurrences that would not be a concern to the average traveler or the family on vacation. A good example of such an option is kidnap and ransom insurance.
Travel insurance is a useful tool for all those who travel weather for business or for pleasure but not all of them need the same types of coverage. Luckily, it is possible to choose only those features that offer the specific coverage options to suit their individual needs.