Author: Greg Taylor

Business Finance: Take travel insurance on your business break

Our CFO Greg Taylor reminds business people who are taking a well-earned overseas break this Christmas to make sure they pack travel insurance. He shares a great Mozo infographic that shows why travel insurance is as essential as a passport. 

Are you taking a well-earned break this Christmas? For some business people, Christmas is a key time to recharge the batteries and come back to work with renewed enthusiasm and ideas for their business.

More Australians than ever before are heading overseas for their holidays. This is due to the strong Australian dollar, rise in the number of low cost airlines and the relatively cheap accommodation and food prices in some overseas destinations, particularly parts of Asia. In fact, Australians took more than 7.8 million overseas trips in 2011 and this is expected to rise to 11 million by 2021.

Are you thinking of crystal clear, warm water, golden beaches and drinks with umbrellas in them? I don’t want to put a dampner on the trip to paradise you have been looking forward to all year, but here are some sobering facts. Did you know that the cost of a medical evacuation from Bali is $60,000? It is even higher from the USA, at up to $95,000. The USA and Bali also top the list of top accidents in popular holiday destinations. Around 25 million passenger bags were mishandled last year.

These statistics come from a great infographic (below) put together by financial comparison site Mozo to show why travel insurance is as essential as your passport. (An infographic is a trendy word for a diagram.)

travel insurance infographic

Made by Mozo. Designed by Shaun Leung.

After forking out for an overseas holiday, you don’t want to do is incur unnecessary expenses. You will have to work twice as hard when you get back. For a family of four travelling to New Zealand or Bali for two weeks, basic travel insurance starts at the same price as a cup of coffee each day. Just like your health, car, home and business, ensure peace of mind on your holiday by taking out travel insurance.

This blog is Greg's Newcastle Post Business Finance column for this week.