Adventure Business Essential – Insurance

Adventure Business Essential – Insurance

This year, the ATTA has been hosting some amazing teaching webinars to support the adventure travel industry. In this session, it was all about a key Adventure Business Essential – Insurance! E&O, PL, CGL, Cyber Insurance, Travel risk & crisis management and more were the hot topics.

The guest speakers were Miguel Campos from Berkshire Hathway Travel Protection, Ellie Feldman from Wingman Insurance, and Daniel Richards from Global Rescue plus Chunnie Wright from CT Wright Law.

As usual, I took detailed notes so you can click here to read those.

Let’s Talk About Liability Insurance

Miguel Campos from Berkshire Hathway Travel Protection clarified the distinctions between E&O, PL, and CGL insurance types;

  • CGL means Commercial General Liability and is for first-party liability, used by retail locations, etc. 
  • Premises Liability can be added to CGL to cover building issues if people get hurt, computers get stolen etc. Used by commercial operations.
  • PL is Professional Liability and protects you and the services you offer. This is the broader form of E&O. Anyone selling travel or adventure experiences should have this.
  • E&O is Errors and Omissions and can be added to CGL but Miguel recommends to find a PL policy that covers it all.

Want to chat with Miguel? miguel.campos@bhspecialty.com

What type of Liability coverage do you have for your business?

Travel companies should have travel-specific insurance products because regular policies don’t speak ‘our’ language.

Chunnie Wright

Let’s Talk About Cybersecurity Insurance

Ellie Feldman from Wingman Insurance explained what is cybersecurity insurance, why ALL travel businesses should have Cybersecurity Insurance as well as shared some helpful tips. Bet you weren’t expecting cybersecurity to be an Adventure Business Essential – Insurance topic!

What is cybersecurity insurance?

  • Liability coverage for; data breach or regulatory action, a breach in the notification (to clients that data was hacked), credit monitoring (credit cards), legal support, PR support, data forensics, business interruption, ransomware support, and social engineering.
  • Ellie says to consult your insurance provider about adding this and if it’s not available, your provider can work with Wingman Insurance.
  • She also mentioned policies should be in the $600-1000 range, depending on company revenue, “class of business” or industry, and desired coverage.

Does your business need Cybersecurity insurance?

  1. If you rely on computers, access to data, internet access, etc.? If yes, you should have a Cybersecurity Insurance policy!
  2. Do you keep data on clients and employees (emails, passwords, physical addresses, passports, bank info, etc.)? If yes, you should have a Cybersecurity Insurance policy!
  3. If you had a data breach, who would you call? The cyber policy keeps experts on retainer for you, so you have someone to call for help!

Ellie’s Cybersecurity Best Practices

  1. Use a password manager like Lastpass (easiest hack is passwords!) 
  2. ALWAYS update software! Every time a software update pops up, click ‘download now’ – they are updating the software NOW for a breach.
  3. Do NOT use internet explorer as your browser!!! Explorer is not being updated. Use chrome, firefox, Microsoft edge, brave, safari etc. 
  4. All cloud providers, like Google/G Suite is more secure than your desktop however, using a cloud provider does not eliminate your risk or indemnify you in cases of Ransomware, Social Engineering, etc.

Want to chat with Ellie? ellie@wingmanins.com

Let’s Talk About Crisis Management and Response Insurance

Daniel Richards from Global Rescue shared why travel companies might want additional coverage in medical, intelligence, tracking and security as well as explained what the travellers travel insurance should include to support these areas. Certainly an Adventure Business Essential – Insurance add-on if you operate or send travellers into high-risk areas.

Why your business should consider Crisis Management and Response Insurance?

  1. Does your business offer adventure travel in multiple countries? If yes, you should consider Crisis Management and Response Insurance.
  2. If someone died on a trip, who would you call? Global Rescue has in-house, deployable medical/repatriation and security teams as well as Totalcare telehealth services.
  3. If a travel group from your company was caught in a civil war, who would you call? Global Rescue also does security extraction, Site/threat/route assessments and can provide intelligence reports and alerts. They can also assess global risk and provide travel advice.
  4. Will you be offering tours now, with COVID stilla ctive? If yes, consider working with Global Rescue for end-to-end COVID 19 planning, testing, monitoring, and response.

Daniel’s Criteria for Your Travellers Travel Insurance

Check the travel insurance your offering and it should include;

  • Trip cancellation (up to $100,000)/ trip interruption (150% of trip cost) 
  • IFAR/CFAR (Cancel For Any Reason) up to 75% of non-refundable trip cost
  • Pre-existing condition waiver (within 20 days of trip payment) 
  • Travel delay, missed connections, and change fee benefits

Katie’s Pointers

Did you know that your business can generate additional revenue by being affiliated with Travel Insurance providers?

Yes, companies like WORLD NOMADS has a partner program where you can offer your travellers an insurance solution and get a small commission for referrals in return. It’s a win-win.

What can tour operators do to manage their own risk?

  • HAVE A PLAN!
  • Know who you rely on to manage the crisis
  • Understand where you are exposed
  • Match operational capacity to insurance coverage and ID gaps/exposures that need additional support

Want to chat with Daniel? sales@globalrescue.com

Adventure Business Essential – Insurance Summary

I have sat in on Online Waivers & Digital Releases, the AdventureElevate Event and this Insurance one and learned so much! As usual, there are more juicy details in the notes so you can click here to read it all! Oh, and here’s the replay!

As always, the ATTA provided an excellent, informative session to help its members navigate through the often messy world of business insurance. I know I learned a lot about what kinds of liability insurance travel providers should consider and the cybersecurity discussion was super insightful!

Finding Adventure Business Insurance can be tricky. Here’s a list of providers to get you started.

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Join the Conversation

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