Travel insurance and trip cancellation insurance are often used by businessmen to cover for the costs and the losses they incur if the travel could not take place as per schedule. As every other risk that a business is exposed to, not being able to travel for a particular meeting with a client due to bad weather, unavailability of flight or medical condition, is an equal risk which is why travel is such a key part of the business budget and makes the costs more predictable and accountable compared to the accidental loss.
Travel insurance policies include a variety of benefits for the claimants depending on what they need and what they are paranoid of.