Small Business Insurance Tips for Companies with Traveling Employees

Many news reports state that travel accidents make up the majority of claims made by small businesses. While purchasing the right amount of commercial insurance including liability coverage can prevent these from causing your business to close its doors, there are some other basics that traveling employees should keep in mind to minimize additional costs for employers.

One thing that is crucial for traveling employees is to travel light. This will reduce the dollar amount of a claim should one need to be filed, and will make it significantly easier for those frequently flying, driving or otherwise commuting. When flying, having less on business trips can make it simple to get through security, while less cargo in a vehicle can improve fuel efficiency. Before your employees set off to their destination, ask for an inventory of items owned by the company that are being taken along so that you can account for their whereabouts.

Some other common rules those traveling should take into account include leaving on time. When driving, this may be less of a hassle, though getting to the airport in ample time may be more crucial. Be sure to consider potential delays that may arise. When flying, it may be best to have your employees arrive a day early, just in case major delays prevent them from getting to a meeting on time. While this may cost you as a business owner an additional night in a hotel, not being there to close a big deal or to see a presentation could cost you a client and their business.

For accounting purposes, don’t forget to inform everyone on the trip to keep their receipts for purchased items. This will prove helpful when it comes time to file taxes, while you may need a proof of purchase should something bought while away be damaged or lost en route home.

A basic insurance policy may provide protection for certain events, but some company cards may also extend protection for lodging mistakes or things lost in transport. Be sure to review the details and perils listed in you BOP and invest in additional coverage if needed before you or your employees set off on a business trip.