Do you arrange travel for employees in your SME?
Are you wondering what protection is needed if they become ill or have an accident while they are away? This article is for you.
What is business travel medical insurance?
What is a medical emergency?
Business Travel Post-Covid
In 2018 business travel accounted for $1.4trillion - more than 20% of the global travel sector. However, travel has been the industry most impacted by the Covid-19 crises of 2020 and into 2021. As vaccination programmes have begun in most of the western world, the hope is the return of international travel will follow. Although initial indications are that the recovery of business travel may be slow.
Business Travel News predicts budgets for travel may be reduced as less important meetings can happen digitally rather than in person. Businesses of all sizes may try to have a better understanding of the ROI of a business trip before it is approved.
The importance of international travel for SMEs
Despite the necessary move to digital meetings for the duration of the pandemic, research amongst British SME’s in 2018 found doing business and building relationships was best done in person.
For many SME’s business travel is an essential component for survival. As an SME you may not have the resources to sustain multiple quarters without an income. If international travel is key to growing or maintaining operations then getting back to business travel is vital.
This is supported by some experts in business who say the primary way to build company culture and relationships is through connection between people. Although some of this can be done virtually, it is rarely as effective at building relationships with supplier partners or clients in person. Although the frequency of travel may reduce, SMEs may need to achieve more on a given trip.
Some experts also predict meeting in person is going to be more important than ever as the world transitions to a hybrid way of working. Sifted believe businesses should prepare for more company wide meetings requiring international travel by a dispersed workforce.