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Do you Travel for your Business?
Where business is concerned, it is not only your personal safety that has to be considered when travelling abroad, but also the other essentials such as equipment and money.
Business insurance can vary considerably insurer to insurer. Some will simply offer a very basic policy that will cover for no more than business equipment. It is important to check exactly what is being offered before choosing a policy.
Among the essentials to consider is whether to take out an annual travel policy, a single flight or a multiple flight policy. This will depend on how often in a given year your business takes you overseas.
The main worries when travelling for business are flight cancellations and delays, lost luggage, theft of property and theft of money.
You may need to carry equipment when travelling for business and with a business travel policy you may find that cover for work equipment is included as standard, but it is important to check, especially as the upper limit on the value may be quite low, especially in relation to expensive IT equipment.
If you need to carry money on the trip, then it is one of the things most likely to get stolen or misplaced. Your business cover may include this but it is more likely that you will need extra cover for work money in addition to the personal money usually included in the standard policy.
Remember, the small print on any travel insurance will usually require you to provide proof that your property has been lost or stolen. This can include documentary evidence such as a police report from the police station to which you have reported the theft, or a Property Irregularity Report from the airline or a letter from the carrier where loss, theft or damage occurred in their custody and receipts for the value of the items you were carrying.
You will also want your business travel policy to cover you if you are taken ill and need medical treatment while away or even need to be brought back home quickly.
Check whether the policy you are considering provides 24hr emergency assistance and a claims service based in the UK and handled entirely by one organisation. These details will be important if you are alone and faced with a stressful situation.
Other issues to consider is whether you may need legal representation, depending on where you are visiting. It is worth getting advice from UKTI, (UK Trade and Industry) the Government’s advice and support services for businesses trading overseas.
UKTI has experts familiar with countries all over the world and regularly organises trade missions to help businesses wanting to make contacts in specific countries.
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