Purchasing travel agent insurance is a fairly simple and straightforward process, but there are a few mistakes to avoid. Here are four common errors you don’t want to make when comparing policies that offer insurance for travel agents.
When Getting Travel Agent Insurance, What Mistakes Should I Avoid?
Not Considering Insurance for Travel Agents
First and foremost, not considering insurance is perhaps the biggest insurance-related mistake you can make. It’s also a surprisingly common error, though.
Many travel agents don’t think about the liability and other risks that they’re exposed to, and those that do frequently assume their employer’s insurance policy protects them. Practically every travel agent is exposed to at least some risk, however, and sometimes agencies’ policies don’t provide sufficient protection for individual agents.
Simply reading about insurance for travel agents indicates that you’re probably giving this matter consideration, and likely won’t make the mistake of either not thinking about insurance or assuming you don’t need your own policy. Make sure you do give insurance adequate consideration.
Not Reviewing an Agency’s Master Policy
Second, travel agents sometimes make decisions regarding their individual insurance coverage without concern for the protections that are or aren’t afforded by their agency’s master policy.
Most travel agencies carry master insurance policies, and lots of these master policies afford at least some liability protection to individual travel agents. The coverages you look for when purchasing your own policy should complement what’s already provided by the master policy, for you don’t want gaps in your protections but also don’t want to pay for unnecessary duplicate protections.
Not Working with a Specialized Travel Agent Insurance Agent
Third, you don’t want to make the error of working with just any insurance agent when selecting coverages and ultimately picking a travel agent insurance policy.
Travel agent policies are specialized to uniquely mitigate the risks that travel agents face, and some agents may be unfamiliar with the protections that these policies commonly make available. Someone who specializes in insurance for travel agents will be well-acquainted with what coverages and endorsements are available, and they’ll be able to quickly explain how each available option may help in certain situations.
In short, you’ll probably have a better understanding of your insurance policy and make more informed coverage choices if you work with an insurance agent who’s helped other travel agents find policies.
Not Working with an Independent Insurance Agent
Fourth, failing to work with an independent insurance agent can prove to be a costly mistake.
Agents who aren’t independent often work as captive agents. This means they’re connected to a particular insurance company, and they might be encouraged or required to promote that insurance company’s policies. Even if another company offers a policy that has better protections and/or lower premiums, captive agents might not be allowed to tell clients about the competing insurer’s better option.
In contrast, independent agents don’t have to be loyal to any one insurance company. They’re free to request quotes from multiple insurance companies and recommend the best available option regardless of what company offers it. This makes it easy to get a policy that has the best coverage and premium combination available, and it occasionally can save you a substantial amount on your insurance.
Talk with an Independent Insurance Agent
To speak with an independent insurance agent who’s helped others find insurance for travel agents, contact the agents at World Insurance Associates. Our agents know travel agent insurance and are independent, and they’re ready to help you find a policy that offers the coverage you need at an affordable rate.