Travel Agents Insurance

A standard office insurance can provide a reasonable level of cover, but it won’t necessarily provide protection for every situation. This is why you need to tailor it to your specific requirements as a travel agency.

As a travel agent, working with multiple clients and booking different itineraries present all kinds of risks, which is why it is important to ensure you are properly insured. Insurance covers for travel agents include but are not limited to: buildings insurance, business equipment insurance, business interruption insurance, computer equipment insurance, and contents insurance.

Public liability insurance is not a legal requirement in the UK, but it is certainly a good idea for any business with a physical premise that receives customers, such as travel agents, supermarkets, cafes, hairdressers, pubs, and venues. Without public liability insurance, you are at risk of having to pay for any legal fees and claims made against you.

Every company’s needs and budgets differ. It’s important to design an insurance policy which meets both. You should think about what risks you face and the value of cover you need. That way you’ll have just as much cover as you need and no more. You won’t be paying over the odds or left without help when you need it most. 

Understanding how premiums are calculated can be crucial in helping you manage your costs. An insurance firm will look at the value of your office, the number of employees you have any how much cover you want. This will help them to design an appropriate policy.

Understanding how policies work can help you to reduce your premiums. You may have heard that a company might offer a lower premium if you take certain precautions such as adding security. While that may be the case, the real value comes in reducing the risk of needing insurance. Firms will look at how many claims you have made in the past five years. If you haven’t made any claims your risk profile will be lower and they will offer a cheaper premium.

Sometimes. An insurance firm may not cover for certain things.  There may be limits to how much cover you are allowed to take out. A company many not offer insurance beyond a certain limit. If claims are higher this could leave you covering the costs out of your own pocket. Any negligence on your part, such as forgetting to lock the office at night can also invalidate your insurance.

Every travel agency is different which means insurance will vary depending on their business needs. However, some of the most common covers include public liability (for claims regarding personal injuries or property damage), contents insurance (to protect your equipment from damage or theft) and employer’s liability – a legal requirement for any business that employs staff.

The average annual public liability insurance premium costs around £120, but you can expect to pay less than that depending on the size of your business, with some insurance premiums costing as little as £40 annually in the UK. However, there are many factors that will affect the cost of public liability insurance, such as the chosen insurance company, amount of cover, work premises, and your claims history.

Employers’ liability insurance is the only insurance type that is mandatory for businesses in the UK if you employ staff. It protects business if one of your staff members claim that they have suffered an illness or injury from work. There are many other business insurance policies you should consider for your business though, such as public liability insurance.

Without appropriate employers’ liability insurance that complies with the law, you could be at risk of getting fined. In the UK, it is a legal requirement to have employers’ liability insurance that covers you from £5 million and over. In fact, you can be fined £2,500 per day if you are not properly insured.

Your policy depends on your specific business set up. Public liability and professional indemnity cover are usually included, which pay out for claims regarding personal injuries and property damage that occurred in your workplace, and claims regarding the services you’ve provided. However, you will also need employer’s liability insurance if you employ anyone, and may wish to add additional covers to protect things like your business materials and the premises itself.