BUSINESS TRAVEL CAN be a difficult proposition at the best of times. Flight delays, lost luggage and overseas injuries can all strike when one least expects. It is no wonder, then, that travel insurance can now take up a sizeable chunk of a company's travel budget.
While individuals still pause before deciding upon personal travel cover, there is no hesitation where companies are concerned. The risks involved are too high for businesses to hedge and most take out blanket coverage.
The key factors involved are the number of employees that are likely to travel within a year and the number of trips they will be taking.
Greg Treasure, general manager of corporate travel specialists, Carson Wagonlit, confirmed that blanket corporate cover is the norm.
'In general terms, when multinationals are looking, they work out [cover] based on the number of employees and the number of trips.'
Insurance, therefore, is usually worked out between the company and the broker, who can tailor-make a product to suit the company's corporate profile. Jane Poon and Associates are specialists in constructing such products and were responsible for developing JourneySafe, the industry's top-rated product.