Travel Agent Insurance, What is It?

travelI am going to assume that you have probably heard of the various kinds of insurance before. Some of these include auto insurance, health insurance, life insurance, property insurance, liability insurance, and the list goes on. So what is the point of insurance?

In the most simplest form, insurance is a way to manage risk. We get auto insurance to help protect us from the risk of an accident, we get health insurance to help us from the risk of high medical bills, we get life insurance to help us from the risk of losing a spouse and the financial aftermath, and we get liability insurance to help protect us against the risk of lawsuit. Although some of these risks are small or minor, nevertheless sometimes it only takes one event to turn our life into a real catastrophe. That being said, I sure hope that most individuals have at least some kind of insurance to better protect themselves against any of the aforementioned mayhem situations.

But how exactly does insurance work? Insurance companies take the monthly premiums from everybody that is covered, and spreads out the money when a negative event happens to someone. That being said, insurance can be related to gambling in a sense. Although I’ll say upfront this is a very smart gamble. By purchasing insurance you are gambling that paying a premium each month, or however you have it set up with the company, is worth it to hopefully help if you find yourself in an accident. Chances are also high that you never will, but I think paying money each month in premiums is worth saving in the long run if you get in a car accident let’s say and total your car. In the course of a year you may have paid $1,000 in auto insurance but you could save the value of your car in the event it is totaled which for most people the value of their car is far more than $1,000.

So I have already mentioned a few different kinds of insurance such as: auto insurance and health insurance which are all pretty popular and I’m sure the average individual would agree with me that they are smart and necessary for someone to have. However, what about a kind of insurance that you may not have thought of before? I’m talking about insurance for travel agents. This includes travel agent errors and omissions insurance. Although as a travel agent I’m sure you do everything in your power to prevent a mistake, the fact is that things still occur. We are human after all. You may find yourself liable if the individual you helped book a trip for is injured while on their trip, or if you accidentally book an individual’s vacation for the wrong dates. A travel agent isn’t immune from making an error or forgetting to mention something therefore the definition of omission. You may not have thought about needing insurance as a travel agent, but it might not be a bad thing to look into getting. You never know when something like that might come in handy. It just takes one claim filed against you to potentially ruin you financially and even professionally so don’t be in that boat. Get insurance today!

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