A Guide To Business Travel Insurance For Contractors
Whether travelling to meet clients or working on projects in different locations, business travel insurance is an essential part of many contractors’ roles. However, with a lot of contractors being classed as self-employed, they won’t usually be covered under a business’s corporate travel insurance policy. For this, they need specialist business travel insurance for contractors. Our experts are exploring how a policy fits into wider contractor insurance, as well as key considerations when looking for coverage.
What Is Contractors’ Insurance?
Contractor insurance is a type of insurance policy designed to protect contractors from the unique risks they face in their line of work. While this will vary from policy to policy, coverage will often include general liability insurance, professional indemnity insurance, and even property insurance.
What Is Business Travel Insurance For Contractors?
Contractor insurance provides valuable protection, but it may not always cover the unique risks associated with travel. This is where business travel insurance for contractors comes into play, offering specific coverage for contractors on the move. This type of policy is similar to any company travel insurance and should cover various aspects that are crucial to a contractor’s work.
Below, we’ve included a few of the key components to look out for when looking for contractor travel insurance:
- Trip Cancellation and Interruption Coverage – Business travel plans can change unexpectedly, and cancellations or interruptions can result in financial losses. When looking for business travel insurance, contractors should look for coverage that will reimburse for select expenses and additional costs incurred due to unforeseen circumstances.
- Coverage for Specialist Equipment – Contractors often carry specialist tools and equipment for their work that can be costly to replace. If needed, it’s recommended to increase the policy holder’s existing insurance to ‘world-wide’ cover. This will then include coverage for the loss, theft, or damage of equipment during transit.
- Accident Cover – Contractors may face increased risks due to the nature of their work, so a suitable policy will also include accident cover that provides medical expenses and emergency evacuation in case of injury.
Choosing A Suitable Business Travel Insurance Policy
When it comes to choosing business travel insurance for contractors, there are several factors we recommend considering:
- Comprehensive Coverage – Ensure the policy covers a wide range of risks relevant to your business travel needs, including cancellation, equipment, accidents, and medical emergencies.
- Policy Limits and Deductibles – Review the policy’s limits to ensure they align with your coverage requirements. For example, it will need to cover the potential value of your equipment should it be lost.
- Business Travel Insurance Broker – Engage a reputable insurance broker who specialises in business travel insurance. They’ll be able to use their expertise to navigate the insurance market and tailor coverage to your specific needs.
Contractor Travel Insurance From Higos
Here at Higos, we’re a chartered insurance broker specialising in bespoke, tailored travel insurance for business trips. Our team of friendly experts will take their time to get to know your unique requirements and find you a suitable policy to match. If you have any questions about our business travel insurance for contractors, we’re always on hand to share our advice!
Get in touch and speak with our business travel insurance team today. For contractor travel insurance, it has to be Higos.