Many host agencies offer travel agent insurance to their partnering agents as either a required or an optional protection. Whether you should rely on this coverage alone or purchase your own insurance for travel agents depends on your situation and the coverage’s protections. Here’s how to go about finding out whether you need to purchase your own travel agent policy.
Do I Need My Own Travel Agent Insurance Policy?
Step 1: Request a Copy of the Master Agency’s Travel Agent Insurance Policy
Requesting details about the insurance for travel agents that a master agency offers may seem like an obvious step, but many travel agents never bother to. It’s common for agents to simply accept that a master agency provides coverage and assume that the coverage is adequate. Without actually inquiring about the provided coverage, it’s hard to know whether it truly is adequate.
While there are specific questions you can ask about a master agency’s policy, the easiest way to find out what you need to know is to simply ask for a copy of the policy. Although often an infrequent request, your master agency should have no issues emailing or snail mailing you a copy of the insurance for travel agents that they provide.
Step 2: Review the Master Agency’s Policy Yourself
If you’re the naturally inquisitive type, feel free to conduct a preliminary review of the policy yourself. You’ll still want the help of an experienced and knowledgeable insurance agent (see next step) but there’s no reason why you can’t look things over. Specifically, you might want to check:
Whether the policy covers independent contractors
How much the coverage’s deductible is
What the aggregate limit for all claims is
What the per-claim limit is
You can also ask how many agents are currently covered by the policy. This will probably have to be a direct question, as it’s not likely to be included in a policy’s paperwork.
Step 3: Show the Master Agency’s Policy to an Insurance Agent
To get some expert advice regarding the policy, its protections and your potential need for a supplemental policy, show the master agency’s policy to a knowledgeable and independent insurance agent. You’ll want to work with an agent who specializes in insurance for travel agents, because such an agent will:
Understand the risks that travel agents commonly face
Be familiar with the protections commonly provided by travel agent policies
Know what to check in a master agency’s policy
Be able to explain how a master agency’s policy would treat different scenarios
Step 4: Explore Other Insurance for Travel Agents Options
With a firm grasp of the protections afforded by your master agency’s policy, it’s time to explore what other insurance for travel agent options are available to you. So long as you’ve selected an independent insurance agent, this step will be easy.
Independent agents aren’t linked with any one insurance company, so they can show you coverage options from many different insurers in your state. With multiple options presented, it’s easy to see how the available options compare to your master agency’s policy and make a wise coverage decision. Of course, your agent will be able to help you decide whether you should rely only on your master agency’s policy, only on your own policy or on a combination of two policies.
Contact an Informed and Independent Insurance Agent
For help assessing your master agency’s insurance for travel agents and determining whether you need your own travel agent insurance policy, contact World Insurance Associates. Our independent insurance agents have helped many travel agents navigate these questions, and they have the expertise necessary to assist you.