Four business reasons to buy travel insurance
Managing risks for small business
If your business requires you to work outside Canada, traveling introduces risk—missed flights, illness, injury, lost luggage—and a whole lot of “what-ifs.” While larger competitors have the resources to absorb these setbacks, smaller companies usually don’t.
That’s where travel insurance comes in. Travel insurance is risk management, allowing you to mitigate potential consequences. Here are four reasons why travel insurance can help you work smarter:
- Protect your people. Buying travel insurance for your employees tells them you care about their safety and wellbeing. It also gives you a sense of comfort knowing that if anything should happen, your employees will be well taken care of.
- Protect your assets. Employees are also valued assets, so you have a duty to protect them and your business—especially as out-of-pocket medical bills can add up quickly.
- Protect your property. If you‘re travelling and your luggage is lost it can greatly inconvenience you and potentially impact your business if you have to replace clothes and personal items. By insuring your personal baggage and belongings, you can get back on track ASAP.
- Reduce financial setbacks. Having to cancel a trip because of a snowstorm or inclement weather could be costly. Get trip cancellation insurance so you’re financially protected.
Following these simple tips will help keep you focused on your business goals and will help you be a successful traveler.
Note: Since each person’s situation is different, you may want to speak to an advisor who can help you with your insurance and investment choices before you make a decision. This article is for informational purposes only.
Read more on this topic:
- Well on Your Way - A Canadian’s Guide to Healthy Travel Abroad, Government of Canada
- Do I Need Travel Insurance?, Rick Steves’ Europe
- Business Travel Insurance, Travel Insurance Review