Travel Agency Insurance

Travel agencies are primarily engaged in acting as agents in selling travel, tour, and accommodation services to the general public and other businesses. Travel agents help their clients find deals, perfect locations, reservations, car rentals, airline tickets, and full-scale travel packages for family vacations, business travel, and conventions. As such, travel agents and travel agencies have various unique risks that must be protected by the right kind of travel agency insurance.

Fortunately, a local independent insurance agent can help you get set up with all the necessary insurance for a travel agency. They'll get you matched to the right coverage fast. Up first, though, here's a closer look at travel agency insurance coverage and why it's important.

What Is Travel Agency Insurance?

Basically, travel agency insurance is just a specific form of business insurance customized to meet the needs of this industry. Insurance for a travel agency considers the unique risks that come along with the trade, including possible lawsuits, theft of company property, and more. Without this coverage, your travel agency could be left in a poor financial position after just one major incident.

Why Do You Need Travel Agency Insurance? 

Insurance for a travel agency is critical because it can provide reimbursement after a hefty loss due to a number of possible disasters. Owners of travel agencies have to consider the impact the following risks could have on their business: 

An independent insurance agent can help you find a comprehensive policy from a travel insurance agency near you.

What Does Travel Agency Insurance Cover?

A complete travel agency insurance package most often includes several forms of protection for your business. Together with your independent insurance agent, you'll likely choose between some or all of the following types of coverage for your travel agency:

• Commercial general liability insurance: This covers possible lawsuit expenses if your business gets sued by a third party for claims of personal property damage or bodily injury caused by your travel agency.
• Commercial property insurance: This covers incidents of damage, destruction, or loss of company property, like equipment, inventory, buildings, etc., due to theft, vandalism, fire damage, lightning, and more.
• Cyber liability insurance: This provides coverage for expenses related to data breaches or cyber-attacks that expose any sensitive or private data, records, or information your business stores, such as personal information about customers.
• Commercial umbrella insurance: This provides excess liability protection that extends the limits on your existing policies in case of a major lawsuit. Your liability coverage can be extended to a limit of $1 million or greater.
• Workers’ compensation insurance: This pays for lost income and medical expenses for employees who get injured or ill due to their job duties or workplace.
• Computers and media coverage: Also called electronic data processing insurance, this pays for lost data and related lost income if your computers or network are damaged by theft, vandalism, viruses, or malware. It may also pay for loss of data or software and physical damage to computers or hardware.

An independent insurance agent can help you select the right types of protection for your unique travel agency.

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Why Travel Agencies Need Professional Liability Insurance 

It’s a simple fact that mistakes can happen, no matter how careful or professional you or your business are. If you make an error while planning a client’s vacation or a business trip, it may cause emotional or financial harm to them, and you could be sued as a result. 

That's what makes travel agency liability insurance critical. Having the right professional liability insurance, also known as errors and omissions insurance, can help you financially recover after third-party claims of errors, omissions, or oversights in the professional services your travel agency provides. This coverage protects you, your employees, and your firm if you are sued for professional negligence.

For travel agencies, professional liability insurance covers claims related to: 

Even if a claim against your travel agency is unfounded, you still have to defend yourself if you get sued, and without the proper coverage, your business's assets could be at risk. A professional liability policy can pay for your legal defense, including attorney fees, court expenses, and any settlements or judgments you must pay. 

How Much Does Travel Agency Insurance Cost? 

The cost of travel agency insurance can depend on several factors, including the size of your business and the types of policies you need to cover all of your unique risks. Other factors, including your business's annual revenue, location, etc., can also impact the cost of your policy. A local independent insurance agent can help you find the most affordable travel agency insurance near you.

The Benefits of Working with an Independent Insurance Agent

An independent insurance agent can work with you to determine the types and amounts of coverage you need to protect your travel agency from a variety of possible costly problems. Your independent insurance agent can get quotes from multiple travel insurance agencies so you can evaluate your options and make the best choice. Ultimately, they'll present you with only the quotes that represent policies offering the best blend of coverage and cost.