Travel insurance — what it is and why you should consider getting it

Posted: 25 February 2021

Business travellers are well acquainted with all the things that could go wrong on a business trip. Flight cancellations. Lost luggage. Weather delays. Whether it’s domestic or international travel, it’s good to be prepared for some level of inconvenience along the way. But for business travellers, any travel delay can mean a missed sales opportunity or a disappointed customer. It’s not just an inconvenience — there can be serious business ramifications.

The responsibility for mitigating the impacts of these risks on the business falls on the travel manager. Every flight cancellation or rescheduled itinerary potentially costs your company money in non-refundable tickets or extra change fees. This responsibility extends beyond keeping an eye on expenses. The travel manager’s job is to ensure the well-being of travellers, especially when travelling internationally.

Business travel insurance is one way to mitigate the financial impacts of the unexpected and provide peace of mind for you and your travellers. It eases the stress of dealing with unexpected travel changes, and protects you from certain financial risks and losses that can occur. This goes beyond flight cancellations and baggage delays. Let’s say you have a medical condition and your doctor advises that you cancel your trip. Without travel insurance, any non-refundable fees that you’ve already paid would be lost.

That’s why Egencia has partnered with Allianz Global Assistance to provide air travel insurance — and peace of mind — to travellers who book their business trips through our platform.

Why you need a travel insurance plan

Every traveller has encountered cancellations and baggage delays at some point. A single trip can be compromised if there are multiple layovers with international travel. However, there are many other risks that can impact business travel.

  • Flight delays and last-minute cancellations cause you to miss important meetings.
  • Severe weather shuts down travel routes, preventing you from arriving at your destination on time.
  • An injury or other medical condition forces you to cancel or reschedule a planned trip.
  • Serious illness while travelling could involve emergency medical evacuation or even a last-minute change to your trip to get you out of the country.
  • Checked-in luggage containing important business equipment, presentation materials or personal items like credit cards doesn’t arrive on time or gets stolen.

We live in a dynamic, unpredictable world. It’s not a question of if it’s going to happen, but when it will happen. Business travel insurance can reimburse you for non-refundable money spent on air travel or hotels. It can also reimburse the costs of emergency medical treatments when your people are on the road. The key is to make sure you have the right kind of travel insurance plan.

How, when and where to get travel insurance

You don’t want to wait too long to purchase travel insurance. The best time to buy is when you book your business trip.

When you book business travel through Egencia, you're given the option to purchase business travel insurance provided by Allianz Global Assistance. Allianz Global Assistance is an Egencia Advantage Partner and provides travel insurance plans that protect travellers within the U.S. with up to 28 covered reasons for trip cancellation. Allianz also provides coverage in 15 countries in EMEA. Their assistance team is ready to help travellers on the road find help while travelling 24/7, any day of the year. Some of the items covered include:

  • Trip cancellation
  • Trip interruption
  • 24/7 travel and emergency assistance
  • Travel and baggage delay

With these options available right in the booking tool, Egencia integrates travel insurance protection along with the other details of an itinerary. For travel programme management purposes, all of the information is in one portal.

Beyond travel insurance

There are other programmes that can also provide some reimbursement protection when travel insurance isn’t requested or available. For instance, travellers in the EU who book their itinerary through Egencia can use AirHelp to aid with cancellations or delayed EU flights. While it’s not an insurance policy, AirHelp is a programme that allows you to recoup some air travel expenses when disruption happens.

Egencia can help you find all the resources you need to manage a successful travel programme.

Terms, conditions and exclusions apply. Insurance benefits underwritten by BCS Insurance Company (OH, Administrative Office: 2 Mid America Plaza, Suite 200, Oakbrook Terrace, IL 60181), rated “A-” (Excellent) by A.M. Best Co., under BCS Form No. 52.201 series or 52.401 series, or Jefferson Insurance Company (NY, Administrative Office: 9950 Mayland Drive, Richmond, VA 23233), rated “A+” (Superior) by A.M. Best Co., under Jefferson Form No. 101 -C series or 101-P series, depending on your state of residence and plan chosen. Plans only available to U.S. residents and may not be available in all jurisdictions. Allianz Global Assistance and Allianz Travel Insurance are marks of AGA Service Company dba Allianz Global Assistance or its affiliates. Allianz Travel Insurance products are distributed by Allianz Global Assistance, the licensed producer and administrator of these plans and an affiliate of Jefferson Insurance Company. The insured shall not receive any special benefit or advantage due to the affiliation between AGA Service Company and Jefferson Insurance Company. Plans include insurance benefits and assistance services. Any Non-Insurance Assistance services purchased are provided through AGA Service Company. Except as expressly provided under your plan, you are responsible for charges you incur from third parties. Contact AGA Service Company at 800-284-8300 or 9950 Mayland Drive, Richmond, VA 23233 or customerservice@allianzassistance.com.

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