If 2020 has taught us anything, it is always to be prepared for the unexpected. In 2020, COVID-19 forced businesses to cancel their corporate trips, causing a $710 billion year-on-year loss of revenue to the airline industry. Now that business travel is opening up again, it’s important to learn from our mistakes by having reliable travel insurance.
Here are 4 reasons why having travel insurance will help your company in the long run:
1. Missed Bags
If your luggage is lost, stolen, or damaged, travel insurance will reimburse you. Some travel insurances even compensate you for delayed luggage. The coverage will pay for items you need to buy, such as toiletries or clothing, while you wait for your delayed luggage. This reduces the stress of losing valuable items and the fear of unexpected expenses.
2. Missed Flights
Some airports are now loaded with people traveling again. The lines for security checks can be longer than you think. Major airports like JFK, LAX, or ORD have long security lines, even for red-eye flights. During the fourth of July weekend, the TSA screened more than 10.1 million people! It’s essential to arrive early, so you don’t miss your flight.
Even when you arrive early for your flight, unexpected incidents can still happen. For example, there might be a mechanical failure on a plane or storms that prevent airplanes from docking on time. If you miss your connection for these reasons, travel insurance will ensure you get a refund when you miss your flight.
3. Refund for a Failed Temperature or PCR Test
In general, most travel insurances will reimburse any medical expenses during the trip. However, with the COVID-19 pandemic, many travel insurance plan now offers to cover expenses related to COVID-19, such as reimbursement for COVID-19 medical treatment abroad, a physician order to quarantine, and mandatory PCR test.
Most international airlines now require face masks and body temperature checks to travel. Some even require a negative PCR test within 3 days before your travel date. If your temperature is too high or your PCR test is positive, airlines will not let you board. In case this happens, it’s a good idea to have travel insurance to ensure a refund. Since it’s necessary to present negative PCR test results to travel, purchasing travel insurance covering PCR tests can save you a lot of money. A regular PCR test for travel is somewhere from 150 to 200 dollars out of pocket.
4. Trip Cancellations
For business trips, meetings can be canceled at the last minute or need to reschedule. Travel insurance covers the costs of canceling flights or changing dates. However, various travel insurance plans have different policies on reasons covered for refunding a trip. Check if your travel insurance covers last-minute rescheduling or canceling due to business meetings.
Vacayz can help you without you purchasing travel insurance. Vacayz offers price-fixed tickets with a flexible date of up to 5 years to reschedule your flight and stay anytime. We also offer a full refund on trip cancellations with no questions asked. Check out Vacayz to help prepare you for uncertainty!