BUSINESS travel amongst SME firms has been steadily rising over the last year; research suggests that UK businesses are becoming more geographically mobile, both here in the UK and overseas. However, new research indicates that nearly one in five SMEs that travel for business do not have specialist insurance cover in place. With the government pushing towards its target to increase UK exports, businesses will be looking for ways to expand internationally and take their product or service to a wider audience.
BUSINESS travel amongst SME firms has been steadily rising over the last year; research suggests that UK businesses are becoming more geographically mobile, both here in the UK and overseas. However, new research indicates that nearly one in five SMEs that travel for business do not have specialist insurance cover in place. With the government pushing towards its target to increase UK exports, businesses will be looking for ways to expand internationally and take their product or service to a wider audience. Experts say that ensuring they have the right insurance package for their employees will be essential to get them on the move quickly and safely. So, if this is the case, why aren’t more businesses taking out business travel insurance? There is a common misconception that the standard individual travel insurance cover will be sufficient for a business traveller. In reality there is a strong possibility that not only will business travel be excluded from the average standard policy, but also the cover will not be sufficient for the needs of an individual travelling on business, leaving them exposed. It is also common for businesses to assume that if their employee is travelling within the UK, a business travel policy is not required. It is important to remember that even if your employee is driving in their own car they must ensure their car insurance policy covers them for business use. To combat these assumptions, SME employers are being reminded that insurance is needed whether they have workers travelling by road, rail or air, in the UK or internationally. A cancelled flight, missed meetings and lost equipment could impact significantly on your business from a financial point of view. Generally a business travel insurance package will include reimbursement for costs incurred if a flight gets cancelled or if the airline goes bust, compensation for personal and business belongings, and in some cases sports equipment, and extra travel expenses which may result from missed connections. Cover can vary significantly so it is important to understand what your business requires from a policy in order that you select one appropriate to your needs; a good commercial insurance broker will be able to assist you with this. For more information, contact BHIB Insurance Brokers on 01604 258837.