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For business executives who travel frequently, investing in travel insurance can pay great dividends in the future. In particular, travel insurance can cover a full array of potential loses on the road, including lost or stolen items, reimbursement for canceled flights and trips and incidental costs such as health care that might be incurred on a trip. Since most domestic insurance policies cease to cover you beyond the water’s edge, those traveling abroad should strongly consider a travel insurance policy.

Rather than assuming you will be safe abroad, it’s important to look into (and quantify) the risks you may face on the road. Importantly, not all business travel policies are created equal, so you’ll need to carefully view the details (read the fine print) of what exactly your policy covers. While some travelers take out per diem (one time use) policies to cover trips, it may be more beneficial to invest in a comprehensive annual policy for those who travel more frequently. Keep in mind, however, that business-specified policies only cover professional trips, so you’ll need a separate policy if you travel for pleasure. To that end, you’ll want to ensure that your trip details are well documented and that you have a complete record of all of the items you are bringing, in case you have to file a loss claim.

Some of the details of a given policy cover the extent of travel – if you’re traveling beyond the European Union, make sure your policy covers international trips. Additionally, some insurers require full documentation of your medical conditions, as well as your potential liabilities; a failure to fully document these may limit your claim coverage.