“I have had a business meeting scheduled in a foreign country for two months, and now my client has cancelled at the last minute – what can I do? My hotel and flight are booked, and they are nonrefundable! Have I lost my entire investment?” If you conduct business overseas, this very well could be a scenario you are faced with one day, so how can you react?

Well, the sad truth is that in a scenario like this, you most likely will lose all of the money you have spent on airline reservations and hotel accommodations. In today’s difficult economy, airlines and hotels are even less willing than before to bend the rules on refunding all or part of a user’s expense when cancellations arise.

However, there is one potential saving grace you may be able to turn to. That is trip cancellation insurance. If you have bought a trip cancellation policy, you can cancel or re-schedule travel plans with as little as 24 hours notice and still retain most or all of your financial investment! This is even applicable to nonrefundable flights.

Trip cancellation insurance can be used on hotels, airfare, and even event tickets. It requires only a small investment, and when you consider how much you may lose without it, you can easily see the value in purchasing it. And it protects you in a variety of scenarios; whether you need to cancel a trip for personal reasons, or a business issue like the one outlined earlier pops up, you will be protected.