Layoff Insurance Is This Summer's Vacation Essential

Memo from Cubeland

Antsy employees, worried they'll have to bag their pricey getaways in the event of a downsizing, are shelling out for layoff insurance (a feature of many travel-insurance policies), which reimburses nonrefundable expenses, like airfare and hotel deposits. "People are feeling vulnerable," says Chris Harvey, chief executive of travel-insurance site SquareMouth.com, where sales of policies have doubled over the last year. Even blue-chip outfits like Norwegian Cruise Lines now offer their own layoff-insurance programs.

Advertisement - Continue Reading Below

Before buying a policy (which can run as high as 8 percent of the cost of your trip), check the fine print. Some require that you've been with your firm at least a few years; others mandate you be a full-timer. Many provide coverage if, say, your tour operator winds up filing for bankruptcy—and there's not a Piña Colada on earth that offers that kind of peace of mind.

-Xiomara Martinez-White

Girls Who Code founder Reshma Saujani
Career
Share
Reshma Saujani Wants to Fix the Tech "Bravery Deficit" in Girls
Career
Share
The GE Executive Pulling Women Up the Ladder with Her
Created for GE
Career
Share
Are You a Female Doctor? You're Probably Getting Paid Less Than Your Male Coworkers
Career
Share
Gretchen Carlson's Lawyer Opens Up About Her Case, Sexual Harassment at Fox News, and Taking on the Most Powerful Man in Media
Career
Share
You're Better at Negotiating Than You Think You Are
Career
Share
The Surprising Connections Between Swimming with Sharks and Talking to Famous People
Career
Share
That Time I Stopped Explaining Myself—and Then Got Everything I Wanted
Career
Share
How I Started a Mega-Successful Company at 26—Without a Business Plan
Career
Share
The Power of Sorry: The New CEO of Lands' End Explains the Lessons She's Learned While Rising to the Top
Career
Share
What 5 Young Women with 5 Very Different Salaries Can Afford