Business Travel

Business travel, or travel management as it is often referred to, is on the rise especially with foreign business markets opening up. Business travel is generally accepted as being a corporation's 3rd or 4th biggest expense after staffing, rent and rates and possibly IT and communications.

Many airlines began to concentrate on providing premium service on long haul flights especially for the first and business class business traveler with the development of more sophisticated business traveler needs over the last 15 years.

Airlines have also been working on tools that benefit the business travelers such as: improved and competitive mileage programs, quick check in and online check in, lounges with broadband connection, etc. Hotels are not far behind. They are also on the competition for the business travelers by offering flexible points programs, broadband connection in all rooms and fast check in and check out services.

While Internet booking engines have become the first destination for around 60% of leisure travelers, business travelers, especially with the need for itineraries that may include more than one destination, have still found that a knowledgeable travel agent may be their best resource for better ticket pricing, less hassle and better air and land travel planning. For larger business travel accounts these travel agents take on a travel management role, and are referred to as Travel Management Companies (TMCs), providing services such as consultancy, traveler tracking, data and negotiation assistance and policy advice.

Recent trends in this market have extended to the implementation of Self Booking Tools (SBTs) which allow automated booking of trips within company policy, an increase in the inclusion of Duty of care practices in the booking and monitoring process and more consideration for the environmental impact of business travel.

Travel Insurance

Travel insurance is insurance that is intended to cover medical expenses and financial (such as money invested in nonrefundable pre-payments) and other losses incurred while traveling, either within one's own country, or internationally.

Temporary travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a more extensive, continuous insurance can be purchased from travel insurance companies, travel agents or directly from travel suppliers such as cruiselines or tour operators.

Travel insurance often offers coverage for a variety of travelers. Student travel, business travel, leisure travel, adventure travel, cruise travel, and international travel are all various options that can be insured.

The most common risks that are covered by travel insurance are:

• medical expenses;

• emergency evacuation/repatriation;

• overseas funeral expenses;

• accidental death, injury or disablement benefit;

• cancellation;

• curtailment (cutting short a trip);

• delayed departure;

• loss, theft or damage to personal possessions and money (including travel documents);

• delayed baggage (and emergency replacement of essential items);

• legal assistance;

• personal liability and rental car damage excess.