Kvekhdria Pyrnathos 
After a long day of travel, you arrive at your destination—but your luggage doesn’t. You’re scheduled to present at a business conference in the morning, and now you have to run around to find new clothes and toiletries.
A lost bag is inconvenient for any traveler, but for a business owner it can mean a missed opportunity. The right business travel credit card includes insurance benefits that can help protect you from a range of disruptions, from flight delays and lost baggage to a medical emergency.
What Does Travel Insurance Cover?
Different business credit cards offer different insurance coverage. Step one is having the card that offers the right benefits for your needs. Step two is understanding what insurance benefits are available so you can take advantage of them and avoid purchasing repeat coverage.
Delayed or Lost Baggage Insurance
If you arrive at your destination and your checked bag is delayed for an extended period of time (often six hours), baggage delay coverage helps cover essential items like toiletries or a change of clothes.
If your bag is lost or damaged by the airline, your coverage may reimburse you for eligible items, up to a maximum amount. Coverage amounts vary between cards.
Flight Delay Insurance
If your flight is delayed, flight delay coverage helps pay for certain expenses, including meals, accommodations, clothing, and toiletries. This coverage usually kicks in if your trip is delayed by four or more hours, but specific time limits can vary between credit cards.
Common Carrier Accident Insurance
If you’re seriously injured while travelling on a licensed commercial carrier, like an airplane, train, or ferry, common carrier accident insurance provides financial protection.
For example, if you’re seriously injured in a train derailment while travelling for business, your insurance may provide compensation for your injury.
Car Rental Insurance
Car rental insurance covers damage or theft of a rental vehicle when you charge the full rental cost to your credit card and decline the rental company’s coverage. Rental car insurance typically covers the vehicle up to a maximum value and for a certain period.
For example, your coverage may insure your rental vehicle to a maximum of $85,000 for a period of 48 days.
Trip Cancellation
Trip cancellation insurance reimburses you for non-refundable and non-transferable prepaid travel costs if you cancel before your departure for a covered reason, such as if you’re seriously injured before your trip, or there’s a death in your family. Covered reasons and insurance limits vary between credit cards. As an example, the CIBC Aventura Visa Card for Business offers $1,000 per insured person, per trip, to a maximum of $5,000 per trip.
Trip Interruption Insurance
Trip interruption insurance is designed to protect you if your trip is cut short. It can help cover the cost of a last-minute flight change, an unused hotel booking, and transportation so you can return home quickly. Unlike trip cancellation, which protects you before you leave, trip interruption applies once you’ve already departed.
Travel Medical Insurance
If you’re injured or you get sick while travelling for work, travel medical insurance can provide coverage for your hospital stay, doctor’s bills, or ambulance. Some business credit cards offer limited travel medical coverage, while others require you to purchase it separately. For example, with CIBC, you can purchase a separate optional travel medical insurance policy with the Aventura Visa Card for Business. Coverage includes professional paramedical services and emergency dental services, as required, up to a certain amount.
Purchase Security and Extended Protection Insurance
When you buy something with your credit card, purchase security coverage protects you if something goes wrong soon after the purchase. For example, if you purchased a new smartphone for work and it was stolen a week later. Extended protection insurance lengthens the manufacturer’s warranty on items you buy with your credit card. For example, if you buy a new laptop for work with your credit card, the manufacturer’s warranty might be doubled.
What credit card insurance doesn’t cover
Credit card travel insurance can be extremely valuable, but it doesn’t cover you in every situation. Make sure you understand any policy gaps to avoid surprises. Pre-existing conditions are a common exclusion from many policies, stating that most medical conditions typically need to be stable for a period of time before your departure date in order to be eligible for coverage.
Don’t miss out on travel benefits
Choosing a business travel credit card that offers robust insurance coverage can provide peace of mind when you’re away from home. But the coverage only works if you know how to use it. Before your next trip, take a few minutes to review your card’s certificate of insurance. Learn what travel insurance benefits are available using your card, and if you need to purchase separate coverage to ensure you’re properly protected.
