Travel Agency Insurance

The Appropriate Insurance Coverage

People are traveling like wildfire in the Ontario area. Plenty of families are planning their first or even second vacation across the world. While many of these families truly don’t know what to expect, they usually turn to the experts like travel agencies to inform them and help prepare them for the wild adventure ahead. Becoming a travel agent or opening a travel agency can be truly rewarding and exciting at the same time, but this doesn’t mean that the job isn’t without risks. For instance, what happens if your client spends $3,000 booking your professional services and they end up on the wrong flight, in a different country, or just didn’t think the experience lead up to what you promised?

Well, they are going to come looking for retributions from you and your company. They might even try to sue you. Unfortunately, this happens more than you could imagine and this is exactly why professional liability insurance was invented. Also known as travel agency insurance and errors and omissions insurance, this insurance can protect your business in the above-mentioned situation. It will cover any financial losses that your clients experience due to wrong bookings, misinformation, or pure negligence. It can also pay for court costs, lawyer fees, and lawsuits.

Always keep in mind, it is a horrible idea to under insure your business just because you want to save a few bucks. If you are price sensitive, we would recommend comparing quotes from multiple brokers. This will allow you to get a comparison of numbers and recommendations of the amounts of coverage you should have as a professional. Following that, you would be able to make a sound judgment about the cost that you will be paying.

travel agency professional liability insurance

Do you need any additional coverages? Yes.

While it might not seem like it, travel agents are truly posed with a lot of risks on a daily basis. And, unfortunately travel agency insurance won’t be the only type of coverage that you need to acquire. Fortunately, there are a variety of specific policies that can protect you, your company, and your employees in certain situations.

General Liability Insurance

As a travel agent, you will have a place of business where your customers come in and book their wildest experiences. While this might eliminate your need for commercial auto insurance, it does raise the risk of in-house accidents. For instance, one of your clients or even a mail carrier could slip and fall right outside your door and suffer severe bodily harm. What if a customer trips in your office and breaks their cellphone or laptop? These are the types of situations where general liability insurance can come in handy. In addition to this, it also protects your travel agency against advertising fraud. Any individual with a physical commercial property would be wise to get at least a $1,000,000 e&o policy.

Cyber Insurance

Travel agents have access to some of their client’s most personal information. For instance, on your computers you will probably record your client’s home address, business address, name, phone number, and billing information. What if someone steals your computers or breaches your data? This could be detrimental to your client and they are going to look to you for a solution. Cyber insurance can protect you in these exact situations. You might be surprised to learn that some large healthcare provides invest as much as $100,000,000 in cyber insurance. While you probably won’t need this much, $500,000 to $1,000,000 should suffice.

Fraud Insurance

If you are going to hire employees, you will need fraud protection, because there is always a chance that they might abuse your client’s information. If you employee steals your client’s credit card and overspends on it, you are going to be responsible. Fraud insurance is perfect for this very situation and you should expect to get at least anywhere from $500,000 to $1,000,000 in this coverage.

What Will Travel Agency Insurance Cost?

It is true that every insurance provider is different and each travel agency might have to spend a little more or less on their own personal coverage, but there are certain premium amounts that you expect to pay when considering professional liability insurance coverage.

  • General Liability Insurance – The cost of general liability insurance can vary depending on the number of claims that you have made in the past. However, for a $1,000,000 policy you can expect to pay anywhere from $600 to $700 a year.
  • Cyber Insurance – As far cyber insurance goes, you can probably expect to pay premiums of $25 to $50 a year.
  • Fraud Insurance – Fraud insurance is going to cost you right around $50 a year as well.
  • Workers compensation – Depends on your company, payroll, coverage, employee needs, and more.

How To Apply

Fortunately, applying for these policies will be the easiest thing you do all year long. All you have to is access our website, get your free quote, and wait for your application to be approved by a Canadian insurance company. If you had rather speak with an online agent or live individual, you can also contact us by e-mail or call our toll-free number.

get a quote now

 

FAQ before purchasing travel agency professional liability insurance

Other useful posts you should also read

 

Other professions we also provide insurance for:

Academic Testing Centers
Accident Investigation
Accident Prevention Consultants
Accountants
Actuaries
Adjusters
Adoption Agencies
Advertising
Advertising Agencies
Advertising Agents & Services
Aerial Mappers
Agents
Agrologists
Agronomists
Alarm Monitoring Services
Allied Health Professionals
Alternative Dispute Resolution Firms
Alternative Energy
Answering Services
Anthologist
Anthropologist
Appraisers
Arbitrators & Mediators
Arborists / Tree Surgeons
Archaeologists
Architects
Architects & Engineers
Architectural technicians and technologists
Associations
Attorneys
Auctioneers, Auction Houses
Authors
Bailiffs
Blueprint & Photocopy
Boat Registrars
Bookkeepers
Broadcasters
Building Designers(Bill 124)
Business Brokers/Managers
Business Consultant
Business Enterprise Agencies
Business Training Courses
Cabling Designers
Camera & Photo Supply Stores
Careers Advisory Service
Catering Consultancy
Cereal Growing Advisors
Chambers of Commerce & Trade
Charities
Chiropodists
Chiropractors
Civil engineers
Claims Adjusters & Administrators
Collection Agencies
Commercial Printer
Communication Consultants
Company Formation
Company Search Agency
Conference & Event Management
Conference Facilities & Services
Conservation Consultants
Conservation Organizations
Consultants
Consumer Organisations
Contest Managers
Contractors Accountants
Convention Planners
Copywriters
Counselling & Advice Services
Court Reporters
CPA/CMA
Credit Reference Services/Bureaus
Custom House Broker
Customs & Forwarding Agents
Data Processing Services
Database Managers
Day Spas
Decorators – Interior
Dental Laboratories
Designers
Dietitians (Consulting)
Directors
Directors and Officers
Documentary creators
Employment Agencies
Employment Agencies/Recruiters
Employment Placement Agencies
Energy Audits & Assessments
Engineers
Environmental Engineers
Event Planners
Excess & Umbrella Liability
Filmmakers
Fitness Clubs
Foreign Legal Consultants
Holistic Professional
Home inspectors insurance
Immigration Consultants
Independent Contractor
Industrial Designers
Information Technology
Interior Designers
IT Contractor
IT Specialist/Technician/Programmer
Journalists
Lawyers
Lawyer’s Excess Professional Liability
Long Term Care
Management Consultants
Mediators
Medical Clinics
Medical Devices
Medical Professionals (Malpractice Insurance)
Medical Related
Medical Student Malpractice Insurance
Mortgage Brokers
Multimedia designers
Naturopaths
New Media
Occupational Health and Safety Consultants
Paralegals
Photographers
Placement Agencies
Podiatrists
Private Investigators
Process Servers
Product Designers
Professional Entertainers
Professional Organizer
Professionals Liability
Project Managers
Property Managers
Publishers
Publishers and Printers
Quality Control Consultants
Recruiters
Recruitment and Employment Agency
Recruitment Consultants
Research & Development
Roofing Consultants
Safety Engineers
Service Organizations
Solar & Wind Farm Engineers & Consultants
Spa Package
Structural Engineers
Sub-Contractor
Surveyors
Tax Prepares
Technology Companies
Therapist Professionals
Town / Urban Planners
Training Providers/Trainers
Translators etc.
Travel Agencies
Travel Agents
Travel Agents, Tour operators
Web Designers
Web-Site Designers
Workplace Engineers & Consultants