Traveling for business can get expensive, especially if you buy a travel insurance policy for each trip. If you know you will be taking multiple trips throughout a year, Squaremouth recommends looking into an annual travel insurance plan. An annual plan allows you to be covered for one year under the same policy.
Coverage can vary per policy, however, annual plans typically fall into three categories: evacuation only coverage, medical and medical evacuation only coverage and comprehensive coverage. The comprehensive plans can include trip cancellation, trip interruption, medical and medical evacuation, travel delay and baggage protection.
If you have purchased a single trip policy in the past, and would like an annual plan providing similar coverage, Squaremouth recommends buying Travel Guard’s Business Traveler, Travel Guard’s TravelRite Annual or Travelex’s Business Traveler. These policies will give you similar coverage as a single trip plan, however, you cannot choose the amount of trip cancellation coverage. Instead, the plans offer set increments you can chose from, for an example, $0, $1,500, $2,000, $5,000 or $10,000 in trip cancellation coverage. These plans can also include coverage for medical, medical evacuation, travel delay, missed connection and life insurance.