For example, when you’re on a business trip you might have items like work laptops, official documents or company money, and you can’t claim for these things on a standard policy.
How often do you travel?
If your business trip is a once off or happens infrequently, you’ll likely only need a single-trip policy to cover you for each trip at a time. However, if you travel regularly for work you might benefit from an annual cover with a yearly multi-trip travel insurance policy.
Whilst the premiums are usually higher because you pay for a year’s cover up front, you often end up saving money by not buying individual policies when you travel plenty.
Where are you going?
When you buy a single-trip travel policy you’ll need to give your destination, but if you choose an annual multi-trip policy, you could be travelling to multiple countries. For these policies you’ll be given certain options based on the insuring company.
What you must always have in mind is that European and Non-European may have difference when it comes to coverage.
How much does business travel insurance cost?
The overall price you’ll pay for business travel insurance takes into account a number of factors, including:
- • Age: Travel insurance generally costs less the younger you are.
- • Activities: Taking part in activities insurers see as risky or dangerous like skiing, water or winter sports, will bump up your premiums due to the increased risk of becoming injured or losing your possessions.
- • Destination: It’s more expensive to cover travels to certain destinations, such as Canada or the USA, because of the higher medical treatment costs and distance you have to travel.
- • Trip length: As you would expect the longer away the longer you’ll need cover for, so your premiums will go up for bigger trips.
How to make a claim on a business travel insurance policy?
If a situation arises and you need to make a claim on your business travel insurance while you’re away, here’s what you should do, and keep in mind it’s useful to have a copy of your policy at hand.
- • Contact the authorities if you need to. Your first course of action if you think you’ve been the victim of a crime is to report it to the local police, and you should get a copy of the police report. You might not be able to claim on your policy if you fail to contact the authorities within 24 hours of the crime.
- • Contact your insurance company: If your insurer has an emergency or 24-hour phone number, keep it to hand at all times, and call as soon as you can if you want to submit a claim. You might be given a separate number for medical emergencies and claims, which you should try to call before receiving treatment at a hospital
- • Gather evidence to support your claim: As mentioned above you should get a copy of any police reports, as well as medical notes or forms from the hospital or receipts to prove ownership for lost, stolen or damaged items.
- • The process of making a claim can vary by insurer, so it’s advisable to check for any specific instructions or requirements before you travel.
Get insured today
Usually, the perception about insurance, or any other finance-related service, is that it is complicated. There are too many technical words to understand and the terms and conditions are difficult to follow. That is one of the many reasons our team is here for you.
The G.A.P. Vassilopoulos Group acts as Brokers through their well-established relationships with international ‘A’ Rated insurers’ as well as the local Cyprus market can cater for a wide range of insurance products.
Drop us an email through our website or feel free to contact us at 77 77 77 75 to compare and select the most appropriate insurance policy with our specialized G.A.P. Insurance Agency team will respond promptly to your needs.