If you travel frequently for business, you should strongly consider purchasing travelers insurance. While your current medical coverage may provide some coverage while you travel, it's likely it's not comprehensive. According to the Health Insurance Association of America, only about 5% of Americans who travel abroad have health insurance that covers overseas expenses. On the other hand, travel insurance companies provide full international medical coverage, evacuation, security protection, flight cancellation services and much more. And although you might think few people who buy traveler's insurance actually need it, experts say between 5% and 10% of people who have travel insurance file claims for coverage.

As you check out travel insurance quotes, keep in mind whether you want a policy for an individual or for all of your employees. Then consider the following three basic types of traveler's insurance:

1. International travel insurance for single trips

2. Travel insurance for multiple trips

3. Limited flight policies from a travel insurance company

Action Steps
The best contacts and resources to help you get it done

Purchase travel protection insurance for a single trip

If you (or one of your employees) makes one or two trips a year, consider a traveler's policy for single trips. Although such policies are cheaper than multiple-trip plans, they can be just as comprehensive. Many single trip policies are designed as travel vacation insurance, but some are geared toward business people.

I recommend: MEDEX has a wide variety of policies for groups or individuals making single trips outside the United States. Emergency Assistance Plus provides medical, evacuation and personal security policies for single trips or multiple trips made within a year.

Obtain travel insurance for multiple trips

If you or your employees make frequent trips, a multi-trip policy is going to save your business considerable money. Also, multi-trip policies tend to be geared toward businesses, and therefore have more business-related features, such as covering the costs of conferences. Look for a policy that includes evacuation services, which covers the cost (in the tens of thousands) of an air ambulance and bringing you back home.

I recommend: IMT Services provides business travel policies for small to medium-sized companies with traveling employees, including coverage for trip cancellation, theft and the costs of trade shows and business conferences; they also offer multi-trip packages for individual business people. Travel Insurance Services offers combined medical and evacuation, international medical and corporate international policies.

Find international travel insurance for flights

As you look at travel insurance information, consider flight insurance for several reasons. One, it can act as an extension of your or your employees' medical or life insurance policies, providing a benefit upon death or serious injury. Two, some flight policies cover costly trip cancellation or interruption coverage.

I recommend: AIG offers flight insurance covering flight accident and cancellation coverage; you may also add supplemental medical coverage and trip interruption coverage. International Services provides flight insurance covering accidental death of up to $500,000.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  While discussing possibilities with your travel insurance agent, think seriously about how much your medical expenses could be if you become ill while on a trip. If you find yourself ill or injured overseas, your medical bills would easily be as much as $30,000 to $100,000.