Several years after COVID first hit the US, the travel industry is seeing a rise in both business and personal trips. A Forbes Advisor survey found that 49% of Americans planned to travel more in 2023, despite inflationary pressures on their budgets.
Whether you travel for business or leisure, domestically or internationally, with coworkers or family members, it’s important to secure the right insurance to protect against the many things that can (and do) go wrong, both in transit and once you reach your destination. If you have robust auto insurance and a good health insurance plan, you might think you’re covered sufficiently. But travel exposes you to risks that common insurance products like these don’t necessarily cover you for.
For example, any time you’re traveling, whatever the mode of transportation, you’re at risk of an accident that could cause an injury requiring medical attention or even accidental death. Aside from the higher out-of-pocket costs you’ll incur outside of your health insurance plan’s network, you could face other expenses, such as costs associated with travel disruptions or changes.
AAA data reveals that as of this spring, international travel was up 200% over 2022 levels. While even a local trip can leave you exposed to unexpected expenses due to gaps in your insurance, traveling out of the country poses an even greater risk, especially when it comes to medical care.
With healthcare costs skyrocketing and high-deductible health plans more common, even a planned appointment or procedure within your health plan’s network can leave you with a high balance owed. If you need medical care while out of the country, your financial exposure could be much more significant.
A travel medical insurance policy is designed to reduce your exposure to such risks. While these policies are designed primarily for personal travel while out of the country, some businesses and nonprofit organizations recommend or arrange them for their employees or others who travel on their behalf. For example, a nonprofit that hosts international trips for youth groups might recommend travel medical insurance to reduce their risk of incurring an uncovered medical expense.
When evaluating travel medical insurance policies—whether you need the coverage personally or you’d like to recommend it for others traveling on your behalf—look for features like these for the best coverage:
It’s prudent to look into two other types of travel coverage that can fill gaps in your existing insurance and limit your financial exposure.
Business Travel Insurance | Trip Cancellation Insurance |
A business travel insurance policy serves as a sort of “umbrella” policy that supplements other coverages in the event you or an employee is involved in an accident during a business trip, whether long-distance or nearby. This insurance can cover expenses related to medical treatment for an injury, lost wages, travel disruption, or accidental death. Some policies even cover the unique situation of long-term travel, such as an employee working on a six-month international assignment. |
Severe weather, a medical emergency, or other problems could thwart your travel plans with little warning. If you’ve made prepaid, nonrefundable reservations for flights, accommodations, or other bookings, you could stand to lose a lot of money unless you have trip cancellation coverage. When making personal travel plans, check whether the travel agent or your credit card offers trip cancellation coverage. |
In addition to offering a full line of insurance solutions to protect your business and personal insurance for individuals with significant assets, B. F. Saul Insurance now offers a robust, affordable travel medical insurance policy that can protect you or your employees while traveling internationally, whether for business or leisure. Consider recommending this insurance for employees’ personal travel or for volunteers or other non-employees who travel on your behalf.
Learn more or apply for travel medical insurance offered through B. F. Saul Insurance for your business or personal needs.