Last year, more than half of U.S. residents did not use all of their vacation days, equating to 768 million unused days, according to research from the U.S. Travel Association. Travel insurance comparison site, Squaremouth, explains how travel insurance can help protect vacation investments when unforeseen work commitments arise.

Many travelers may forgo their hard earned vacation days due to busy work schedules and the fear that nonrefundable trip costs could leave them with significant losses if their employer requires them to work. Fortunately, the Cancel For Work Reasons benefit included within many policies can reimburse up to 100% of a traveler's trip cost if their previously granted vacation time is revoked.

"Many travelers are unaware that travel insurance can offer protection if your employer or work situation prohibits you from taking a pre-planned trip," says Squaremouth spokeswoman Jenna Hummer. "This type of coverage offers travelers the freedom to plan their vacations without fear of financial losses due to a last minute change at work."

In addition to having coverage if pre-approved vacation time is revoked, other covered reasons to cancel under the Cancel For Work Reasons benefit include a corporate merger, work relocation, or business closure.

Some policies can also cover a traveler to cancel their trip in the event they experience an involuntary layoff or termination of employment. To be covered for Employment Layoff, most policies require that the traveler has worked for the same employer for a specific period of time, typically 1 or 3 years.