Best Travel Insurance For Business Travelers of January 2025
Updated December 27, 2024 at 3:07 am
Ensure peace of mind and financial protection when traveling for business.
Traveling can be expensive and stressful, especially if you’re traveling for work and hoping to land a lucrative client or ace a presentation. But you might be one flight delay, missed connection or illness away from losing business opportunities and your hard-earned money. Travel insurance for business can be a cost-effective way to recoup some of your funds if something outside your control happens.
There are many travel insurance options available, and plans aren’t one-size-fits-all. According to sales data from Squaremouth, a travel insurance comparison website, the average travel insurance plan costs about $300. To help you find the best plan, we compared dozens of travel insurance policies to determine our eight top picks for business travelers.
Our Methodology Our research is designed to provide you with a comprehensive understanding of small business services and products that best suit your needs. To help you in the decision-making process, our expert contributors compare common preferences and potential pain points, such as affordability, accessibility and credibility.
Key Takeaways Vault’s Viewpoint on the Best Travel Insurance for Business Travelers
- Look for specialized business travel insurance plans tailored to your needs like annual or multi-trip insurance options, which allow frequent business travelers to comprehensively cover their trips under one policy.
- Purchasing business travel insurance within 2-3 weeks of booking a trip can offer you expanded benefits for pre-existing issues/conditions and the ability to cancel your business trip for any reason.
- Don’t worry about coverage—for business travelers, there are an assortment of business travel insurance plans out there that offer comprehensive plans for an affordable price.
Our Picks for the Best Travel Insurance For Business Travelers
1. Faye Travel Protection Plan
Best for Customizable Coverage
2. Allianz Global AllTrips Executive Plan
Best for Multi-Trip Coverage
3. Travel Guard Deluxe Plan
Best for Trip Disruptions
4. GeoBlue Xplorer® Premier
Best for Medical Insurance Only
5. GoReady Choice Plan
Best for Trip Cancellation Coverage
6. Generali Global Assistance Premium Plan
Best for Trip Interruption Coverage
7. Seven Corners Trip Protection Choice Plan
Best for “Any Reason” Coverage
8. World Nomads Explorer Plan
Best for Adventure Sports Coverage
Best Travel Insurance For Business Trips of 2024
1. Faye Travel Protection Plan
Best for Customizable Coverage
Vault Verified
Why We Chose It
The Faye Travel Protection Plan is fully digital through a mobile app and is highly customizable with various coverage add-ons to supplement your policy. There’s one base plan that includes coverage for your health (including eligible emergency medical expenses) and add-ons for even more protection. Those include rental car care, pet care, coverage for unintentional damage to a vacation rental property and more.
Pros and Cons
- Whole-trip coverage that can cover your flights, hotels, health and luggage
- Submit claims and get customer service through the app
- Real-time alerts while traveling
- Low maximum benefit amounts compared to competitor plans
- Customizing with add-ons could make the policy more expensive than others
Additional Information
Travel Delay Coverage:
Up to $4,500 per trip with minimum 6-hour delay and maximum $300 per day reimbursement
Emergency Medical Expenses Coverage:
Up to $250K for international trips (primary)
Emergency Medical Transportation Coverage:
Up to $500,000
2. Allianz Global AllTrips Executive Plan
Best for Multi-Trip Coverage
Vault Verified
Why We Chose It
The Allianz Global AllTrips Executive Plan offers annual coverage for all your business trips in one policy (unless the trip is longer than 45 days). It covers essential cost categories like emergency medical, trip cancellation and interruption, travel delays, rental car damage and theft, plus extras like change fees, business equipment replacement and reimbursements for epidemic-related costs, (like those related to COVID-19).
Pros and Cons
- A single plan covers all trips for one year
- Covers business equipment
- Includes epidemic coverage
- No cancel-for-any-reason coverage
- Low benefit amount for trip interruption and cancellation coverage
- Low benefit amount for emergency medical and transportation
Additional Information
Travel Delay Coverage:
$1,600 for delays of six hours or longer ($200 daily maximum)
Emergency Medical and Medical Transportation Coverage:
$50,000 and $250,000
3. Travel Guard Deluxe Plan
Best for Trip Disruptions
Vault Verified
Why We Chose It
Travel disruptions can throw off your entire trip itinerary and budget if you have to scramble to find another flight or forfeit a hotel room. The Travel Guard Deluxe Plan offers multiple travel delay coverages to help minimize your company’s out-of-pocket costs, reimbursing for common carrier cancellations or delays, missing your connection, trip cancellations or interruptions or if you have to move your travel plans to a different date for a covered reason.
Pros and Cons
- Includes multiple types of trip delay and cancellation coverage—including weather-related issues
- Includes security evacuation coverage for riots or civil disorder
- Several coverage upgrades available, including pet costs and cancel-for-any-reason coverage
- Rental vehicle damage coverage costs extra
- Low travel medical expense coverage
- No business equipment coverage available
Additional Information
Travel Delay Coverage:
Up to $1,000 with minimum 5-hour delay
Emergency Medical and Medical Transportation Coverage:
$150,000 and $1,000,000 for emergency evacuation and repatriation of remains
4. GeoBlue Xplorer® Premier
Best for Medical Insurance Only
Vault Verified
Why We Chose It
GeoBlue’s Xplorer Plan offers unlimited annual and lifetime medical coverage you can use anywhere in the world. The plan includes unlimited telemedicine and prescription coverage and the option to purchase dental and vision coverage. If you have proof of prior health insurance, you can get immediate coverage for pre-existing conditions.
Pros and Cons
- Deductible waived for office visits, preventive care, prescriptions and more
- Multiple plan deductible and coinsurance choices
- Offers a 10-day money-back guarantee
- Must be scheduled to be outside the U.S for three months or longer
- Requires higher coinsurance for out-of-network U.S. providers
- No trip cancellation or delay coverage
Additional Information
Travel Delay Coverage:
N/A
Emergency Medical and Medical Transportation Coverage:
Unlimited and $250,000
5. GoReady Choice Plan
Best for Trip Cancellation Coverage
Vault Verified
Why We Chose It
The GoReady Choice Plan offers optional cancel-for-any-reason (CFAR) and trip cancellation coverage for select work reasons. Some of those covered work reasons include if your place of employment is rendered unsuitable due to an event like a fire, if the company is involved in a merger or acquisition or if you end up having to work after getting approved time off. In those cases, the GoReady Choice Plan will allow you to cancel and get up to 100% of your nonrefundable, prepaid trip expenses reimbursed instead of 75% with CFAR coverage.
Pros and Cons
- Electronic and professional equipment coverage available
- COVID coverage included
- Least expensive GoReady travel plan available
- Must pay for CFAR and cancel-for-business-reasons coverage if you want both
- Rental car damage coverage costs extra
- No itinerary change or airline ticket change fee coverage
Additional Information
Travel Delay Coverage:
$2,000 with a minimum 6-hour delay
Emergency Medical and Medical Transportation Coverage:
$50,000 (upgrades available)
6. Generali Global Assistance Premium Plan
Best for Trip Interruption Coverage
Vault Verified
Why We Chose It
The Generali Global Assistance Premium Plan offers up to 175% of the insured trip cost if your trip is interrupted for a covered reason. The plan also includes a host of other benefits, including coverage for COVID-19, travel and baggage delay, medical and dental, missed connections and coverage for pre-existing conditions and travel supplier financial insolvency.
Pros and Cons
- Rental car damage coverage included
- Covers up to 175% of insured trip cost for interruption
- 24-hour travel assistance coverage included
- No business equipment coverage
- Optional CFAR coverage online covers only up to 60%
- Low benefit amount for emergency medical
Additional Information
Travel Delay Coverage:
Up to $1,000 per person with minimum 6-hour delay and $300 daily limit
Emergency Medical and Medical Transportation Coverage:
Up to $250,000 per person and $1,000,000 per person
7. Seven Corners Trip Protection Choice Plan
Best for “Any Reason” Coverage
Vault Verified
Why We Chose It
Sometimes, you have to cancel a trip for a reason other than the approved choices in a travel insurance policy. Seven Corners Trip Protection Choice Plan offers both trip cancellation and interruption for any reason coverage, which gives you the freedom to cancel your trip for any reason and receive up to 75% of your prepaid, nonrefundable trip costs, as long as you do it within 48 hours of your departure date.
Pros and Cons
- Covers domestic and international trips
- Includes pre-existing condition exclusion waiver
- Covers trips up to 180 days in duration
- No coverage for business equipment
- Rental car damage coverage costs extra
- Low accidental death and dismemberment benefit coverage amount
Additional Information
Travel Delay Coverage:
Up to $2,000 with minimum 6-hour delay and $250 daily maximum
Emergency Medical and Medical Transportation Coverage:
Up to $500,000 and $1,000,000
8. World Nomads Explorer Plan
Best for Adventure Sports Coverage
Vault Verified
Why We Chose It
If you’re planning to take some downtime—or meeting with a client or coworker—to get your adrenaline pumping through adventure sports, most travel insurance policies won’t cover your injuries or trip interruption expenses. But World Nomads Explorer Plans cover emergency medical expenses as well as trip interruption expenses for over 150 activities, experiences and sports, including bouldering, bull riding, cave diving, flying, ice climbing and hang gliding.
Pros and Cons
- Includes rental car damage coverage
- Can extend insurance coverage mid-trip
- Includes $25,000 for non-medical emergency transportation
- No business equipment coverage
- No CFAR or IFAR coverage available
- Low medical coverage benefit amounts
Additional Information
Travel Delay Coverage:
$3,000 with minimum 6-hour delay
Emergency Medical and Medical Transportation Coverage:
$100,000 and $500,000
What Is the Purpose of Travel Insurance For Business?
Travel insurance for business travelers isn’t too different from coverage for personal trips. A business travelers’ insurance policy can reimburse you for prepaid travel expenses if your trip gets interrupted or canceled, your bags get delayed, lost or stolen, you get hurt or experience a serious medical emergency that requires evacuation or you get into an accident with a rental car.
If you only travel once or twice a year, a single-trip plan may be all you need. But if you plan to travel three or more times in a year, a multi-trip or annual travel policy might be a more cost-effective choice, though benefits may not be as robust.
Pros and Cons of Travel Insurance For Business Travelers:
The Pros of Travel Insurance for Business Travelers
- ✅ Travel insurance can provide broad coverage of all kinds of inconveniences, including trip cancellation, delay or interruption, medical expenses, lost or delayed baggage, and personal effects.
- ✅ Policies may cover unforeseen circumstances that are outside of your control, such as a travel supplier going bankrupt, a common carrier breakdown or strike, inclement weather, quarantine, and theft of your passport, visa, or other travel documents.
- ✅ Many travel insurance plans offer 24/7 emergency assistance at no extra cost, giving you access to a team who can help you get emergency medical care and transportation back home, locate stolen or lost items, replace prescription eyeglasses or medication, and provide translation services.
The Cons of Travel Insurance for Business Travelers
- ❌ Travel insurance can be expensive, especially if you add on optional coverages. Expect to pay 5% to 10% of your total trip cost for travel insurance and as much as 50% more for cancel-for-any-reason coverage that typically only reimburses 75% of your prepaid expenses.
- ❌ Although most travel insurance policies offer protection for personal items, they often exclude coverage for business equipment or require you to pay extra for the coverage.
- ❌ It’s important to read the policy carefully, as travel insurance policies may have exclusions. For example, a plan may exclude coverage for events like terrorism, political unrest, pre-existing medical conditions, war, pandemics, and participation or competing in sports or activities.
What Does Travel Insurance For Business Travelers Cover and Not Cover?
Travel insurance for business travelers can vary in what it covers, but in general, a standard business travelers’ insurance policy includes:
- Trip cancellation or interruption: Canceling your trip entirely or cutting it short for a covered reason.
- Trip delays: Travel delay expenses, including meals and lodging if your flight gets delayed for six or more hours.
- Emergency medical: Medical expenses you incur while traveling, whether you trip down the steps and break an ankle or develop food poisoning.
- Medical evacuation: If you’re seriously ill or hurt and local medical facilities aren’t equipped to care for you, travel insurance can cover the costs of an ambulance or a flight to the nearest medical facility.
- Missed connections: Travel expenses related to missing your flight or train connection.
- Baggage and personal effects: Lost, stolen or delayed baggage, including the cost to purchase temporary items like a set of clothes or personal hygiene items.
Keep in mind that travel insurance is a named peril policy, which means it will only cover circumstances specifically outlined in your policy. If an incident or issue isn’t listed, it’s usually not covered. Here are some examples of what travel insurance usually does not cover:
- Normal pregnancy and childbirth
- Named storms when you purchase a plan after it’s named
- Pre-existing conditions, unless you have the medical exclusion waiver
- Routine medical exams or dental care
- Medical tourism
- Elective procedures and treatment
- Self-inflicted injuries and suicide
- Participating or competing in sporting events, competitions or activities, unless you purchase a policy with specific coverage including sports and activities
- Acts of war
- Piloting or learning to pilot an aircraft
- Engaging in illegal activities
- Being under the influence of alcohol or non-prescribed drugs
Coverages and exclusions vary by travel insurance company and plan type. Comparing travel insurance policies and reading each policy’s fine print can help you determine which plan best fits your business travel needs.
Will My Place of Employment Pay for My Business Traveler’s Insurance?
It might. Some corporations provide travel insurance plans for employees who travel for the company, so you won’t have to get your own policy. If you’re unsure if your employer offers it, ask your manager or the human resources department if the company covers travel insurance costs.
If there is a plan in place, ask for a copy so you can review the coverages and limits. Travel insurance policies vary on what they cover and how much they’ll pay, so your employer’s business travel insurance plan may not be enough to cover your personal belongings or medical care. In this situation, getting an inexpensive basic plan to supplement your company’s policy may be worth it.
If you’re self-employed, it’s important to read through the fine print of a travel insurance policy carefully. Not all travel plans cover self-employment, even if they offer business travel insurance. For example, the GoReady Choice Plan only covers employees under the optional trip cancellation for work reasons endorsement, not business owners, self-employed or people working for a family member.
When and Why Would You Need Travel Insurance For Business Travelers?
Traveling for business can be a significant financial commitment, often made months in advance. With potentially thousands of dollars in nonrefundable expenses already paid, the prospect of an unforeseen circumstance can be costly. Business travel insurance offers a safety net, providing financial security in the face of natural disasters, family emergencies, health issues while abroad and more.
Here’s why it might make sense to buy business travel insurance:
- You’re traveling for business and pleasure. It’s not uncommon to tack on days to a business trip for a bit of leisure. Many travel insurance policies offer coverage for “bleisure” trips so you can get coverage for both in a single plan.
- Your domestic health insurance won’t cover you overseas. Medicare, Medicaid and most private health insurance plans won’t cover you if you get hurt or sick outside the United States. Travel insurance can help cover the cost of medical care, prescriptions and evacuation costs if your destination doesn’t have the appropriate facilities to provide healthcare.
- Helps employers fulfill duty of care responsibilities. Corporations have a duty of care to ensure employees’ well-being, and that extends to corporate travel. That’s why many companies offer travel insurance on top of a clearly outlined corporate travel policy. Travel insurance policies typically have duty of care benefits built in, like 24/7 medical and translation emergency assistance, travel alerts and coverage for unforeseen events.
- To provide peace of mind and travel assistance. When you travel for work, many aspects of the journey are out of your control. A missed or delayed flight, lost or delayed business equipment or an itinerary change could not only mean you miss an important meeting but could also leave you stranded in an airport for hours without assistance. Travel insurance can help you recover some of your prepaid funds, while assistance services can help you translate if you’re in a foreign country, get another flight and find the necessary equipment for a rescheduled meeting or the closest medical facility.
- You’re spending your own money on business travel. Though most companies will foot the bill if you’re traveling for work, small businesses or startups might require you to pay out-of-pocket for your travel expenses. In that case, travel insurance can help you recoup your hard-earned money in the event something sudden and unforeseen happens, like a flight cancellation, itinerary change, jury duty notification or death of a family member causes you to cancel or miss part of the trip.
How To Choose the Best Travel Insurance For Business Travelers
With so many options and lots of money on the line, choosing the best travel insurance plan for business travelers can be daunting. But a few key factors can help you narrow down your choices to find the right business travel insurance for you. Consider the following when comparing travel insurance policies and quotes.
First: Check Your Credit Card Benefits
The best travel credit cards offer coverage similar to travel insurance policies. For example, the Capital One Venture X Rewards Credit Card offers trip cancellation, interruption and delay insurance. It also covers lost luggage, travel accidents, eligible auto rental damage and can provide emergency assistance services (limits and terms apply for each—see terms.)
If you already have a travel credit card, you might only need a basic plan that covers what the card doesn’t, like medical and evacuation coverage.
Look For Business-Specific Coverages
Many individual travel insurance policies offer coverage for business travelers, but some only cover personal items. So if you’re traveling with a company laptop or marketing materials and they get lost, damaged or stolen on your trip, you may be out of luck. When comparing travel insurance policies, check for business-specific coverages, including covered reasons for trip cancellation and interruption, to ensure you’re getting a plan that covers your business supplies and materials.
Do Your Research Before Making Your Initial Trip Deposit
This might be more difficult if your company is paying your travel expenses, but buying travel insurance within the first 14 to 21 days of making the first trip deposit makes you eligible for more benefits. For instance, travel policies that offer cancellation or interruption for any reason coverage usually require you to buy the policy within a short time of booking your trip. If you have pre-existing health conditions, you may also be eligible for a waiver that covers those medical issues. In contrast, a plan bought after the first deposit window would exclude them.
Don’t Settle For the Cheapest Policy
Don’t automatically choose the least expensive policy. Typically, the more you pay, the more coverage you get. At the same time, you might not need the most expensive policy. Take the time to determine what coverage you’re willing to pay for, and find the plan that offers it.
Compare Travel Insurance Quotes
Although most travel insurance policies have the same coverage categories, coverage limits and requirements vary widely. Comparing multiple travel insurance policies can help you weed out the plans with coverage gaps and more exclusions to find the one that offers the most coverage at the best price.
Frequently Asked Questions
What Qualifies As Business Travel?
Generally, business travel includes trips you take away from your home and principal workplace, mainly for business-related activities. Examples include driving or taking a train to another state to attend a three-day conference that will benefit your business or flying to another state or country to present how your company can best help a prospective client win their business.
Travel insurance companies may define business travel differently, though, so ensure your trip meets the requirements (if any) before purchasing a policy.
Is Business Travel Insurance Essential for All Employees?
Employers aren’t legally required to offer employees business travel insurance. But if employees travel for business-related purposes that will improve the company’s bottom line, business travel insurance can help offset higher out-of-pocket costs for unanticipated issues.
Are Business Travel Insurance Premiums Deductible For Tax Purposes?
According to the Internal Revenue Service (IRS), the following types of business insurance premiums are not tax deductible: reserve self-insurance funds, earnings loss coverage for disability and sickness, annuities and life insurance policies for which you will directly or indirectly benefit from the payout, and insurance to secure a business loan. Some other business insurance premiums are tax deductible, which could include travel insurance premiums.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
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