Since COVID, there has been a huge shift in the working practices of most businesses, with hybrid and remote working remaining prevalent, and many employees choosing to work from home, if they can. But are businesses losing out in conducting much of their communication virtually instead of face-to-face? And is there still much to be gained from the ‘old-school’ world of travelling for business?
SMEs looking for opportunities to grow their business need to make contacts with customers and suppliers, plus build strong relationships, and, arguably, face-to-face works better for this. Making the effort to visit a client in person could also be beneficial by winning you more confidence from that client and helping to close a deal or win that contract.
So, if business travel is still rewarding when it comes to seeing your company thrive, and building better relations with clients and suppliers, what aspects of business insurance should you be considering?
Unforeseen events can disrupt even the most meticulously planned itineraries, causing missed opportunities and financial losses. This is where business travel insurance comes in, operating as a vital safeguard and safety net against various risks and uncertainties. What are the benefits that make business travel insurance an indispensable companion for the corporate traveller?
- Protection against trip cancellation or interruption
Imagine gearing up for a crucial client meeting only to have it cancelled due to unexpected circumstances like severe weather, sudden illness or political unrest – but these things can and do happen! Business travel insurance can reimburse prepaid, non-refundable trip expenses in such scenarios, minimising financial losses and allowing you to reschedule your trip without bearing the entire cost again.
- Coverage for emergency medical expenses
Health emergencies can strike at any time, even when you're far from home. What if you become ill, or have an accident? What if your travel colleague suffers a fall and needs to go to the local hospital? Business travel insurance typically includes coverage for emergency medical treatment, hospital stays and medical evacuation, ensuring that business travellers have the relief of receiving the care they need without worrying about exorbitant medical bills.
- Assistance with lost or delayed baggage
Misplaced luggage, or a suitcase stuck back at the airport that never made it onto your plane, can throw a wrench into your plans, especially when you're on a tight schedule. Business travel insurance often provides coverage for lost, stolen or delayed baggage, offering reimbursement for essential items and easing the inconvenience caused by not having your clothes and belongings with you.
- Reimbursement for travel delays
Flight delays and cancellations are par for the course when it comes to air travel, but prolonged delays can disrupt your business agenda and incur additional expenses such as extra overnight accommodation or meals at the airport. With business travel insurance, you are able to recoup these out-of-pocket costs, ensuring that frustrating logistical hiccups like delays don't derail either your productivity or your financial stability.
- Assistance with legal and financial emergencies
Navigating legal issues or encountering financial emergencies abroad can be daunting, especially when you're unfamiliar with local laws and procedures. Business travel insurance often includes access to 24/7 assistance services, connecting you with legal experts and financial advisors who can offer guidance and support during unexpected and challenging situations.
- Liability coverage
In the event of an unforeseen incident causing damage or injury to a third party during your business trip, liability coverage included in travel insurance can protect you from potential legal liabilities and financial repercussions, providing peace of mind and financial security.
- Customisable coverage options
Business travel insurance plans are designed to cater to the diverse needs of corporate travellers and can offer a range of customisable coverage options. Whether you're embarking on a short business trip or planning an extended overseas assignment, you can tailor your insurance policy to suit your specific requirements, ensuring comprehensive protection throughout your journey.
- Business interruption
A business travel insurance policy can cover business interruption, so should a colleague be unable to return to work following illness or accident whilst travelling - thereby affecting the normal running of your business - their absence and its consequences will be covered.
In essence, business travel insurance serves as a reliable safety net, offering peace of mind and financial protection against the uncertainties always inherent in corporate travel. By investing in a comprehensive insurance plan, you and your colleagues can embark on any business ventures, particularly those overseas, with confidence, knowing they have a trusted ally to mitigate risks and safeguard their interests, no matter the journey or the destination.
So, next time you embark on a business trip, remember to pack your passport, itinerary and, most importantly, your business travel insurance!
Read more blogs from Ascend:
Corporate travel insurance is an essential purchase
What is business interruption
Any questions? Please don’t hesitate to contact one of our team.
