With the arrival of hybrid and remote working, many employees are choosing to work from home, but the benefits of travelling for business and face-to-face communication often outweigh the convenience of virtual meetings.
This is especially true for SMEs looking for new opportunities to grow their business and build strong relationships with their customers and suppliers.
The benefits of business travel insurance
Unfortunately, it’s frequently the case that travel plans are impacted by unforeseen events, from delayed luggage and missed flights, to major incidents such as security threats and poor health. This can result in missed business opportunities and financial losses, not to mention the negative impact it can have on an employee’s well-being.
Five steps to help manage travel risks
Whilst insurance is an essential part of travel risk management, there are other ways to help manage the risks. Smaller businesses may not realise that they need more than just insurance, because having fewer employees means the probability of something happening is low, and when it does, they are often flexible enough to manage the problem ad-hoc. However, an ad-hoc approach means that they may not be fulfilling duty of care to their employees.
Here are five steps businesses can take to help manage travel risks:
1. Select the right business travel insurance
2. Develop a travel risk management policy
3. Provide employee training
4. Offer real-time data to inform travel decisions
5. Provide emergency support
Some common risks to international and domestic travel:
Political instability (local and national)
Illness and poor health
Local laws and customs
Climate change and extreme weather events
Disease, viruses and health crises
Cyber security threats
Lost/stolen travel documents
How can we help?
Whatever the size of the organisation, having well-designed business travel insurance is essential, and provide flexible cover for customers to enhance their employee benefits package, protect their business continuity and support employees and their families when travelling abroad.
There are a multitude of risks that can affect people’s travel plans and although some of these risks might seem very unlikely to occur, if an employee does find themselves in a difficult situation, whether at home or abroad, it’s best to be prepared.