Since your business is grounded in providing advice and services to clients, you need professional liability insurance (also called “errors and omissions”) to protect your company against litigation for what you can’t control.
Do you need insurance to be a travel agent?
Who needs travel agents’ insurance? Travel agents, who assist clients and customers in booking transportation, lodging and entertainment plans, should have errors and omissions and general liability insurance.
Why should the travel agent sell insurance?
Why would someone purchase travel insurance? Travel insurance protects a client’s financial investment in their trip if the trip is canceled, interrupted, or delayed for a covered reason. Lost, stolen, or delayed baggage may also be covered in a travel insurance policy.
What kind of insurance does a travel agent need?
Professional liability insurance—also known as errors and omissions insurance, professional indemnity insurance, or E&O insurance—covers professional errors you may make or are accused of.
Are travel agents covered by insurance?
Liability insurance for travel agents
If a client was to slip, trip or fall at your travel agency and sustain an injury you may be liable to pay compensation awards. Public liability insurance can cover these costs, and pay any associated medical and legal expenses.
What is E and O insurance?
E&O insurance is a kind of specialized liability protection against losses not covered by traditional liability insurance. It protects you and your business from claims if a client sues for negligent acts, errors or omissions committed during business activities that result in a financial loss.
What is E&O insurance for travel agents?
Travel agent E&O insurance is a form of professional liability insurance that safeguards against the financial impact of alleged errors and omissions. In common English, it protects you when you make a mistake or forget to do something important, which ends up hurting a client.
Can you buy independent travel insurance?
Where should I shop for travel insurance? Independent travel insurance plans can be purchased from providers such as Allianz and WorldNomads, and typically offer coverage that’s more comprehensive than the protection included with your credit card.
What are tour operators?
A Tour Operator is a person or company that thinks up ideas for holidays, researches the ideas, designs the holiday itinerary and content, contracts the services needed for the holiday, accommodation, transport, guides, tour leaders or resort reps etc and then markets the resultant package.
What is financial failure insurance?
Financial Failure Insurance is a pay as you go scheme backed by an A+* rated insurer allows travel organisers to fulfil their obligations to cover customers’ payments under the Package Travel regulations.