When the day-to-day involves arranging travel for others, it’s easy to focus on creating seamless and memorable experiences. After all, ensuring satisfaction for stakeholders and customers is key to building lasting success.

From corporate travel to arranging detailed tours, the success of any trip is in the detail – and the same applies when you look underneath the business bonnet, too.

Because when you’re organising travel for others, you’re exposed to a number of risks – some obvious, some less so – in addition to all of the regular challenges businesses face each and every day.

And just as an unforeseen disruption can impact the best-laid travel plans, an unforeseen incident or event can disrupt the very best business – which is why it’s essential you take time to understand the risks you face, and implement strategies to manage them effectively.

While most businesses involved in travel – or arranging travel for their teams internally – will have some good baseline insurance coverage, there are a number of specific types of cover that could prove invaluable when the unexpected occurs.

Corporate travel insurance

If your business has employees or executives that travel frequently, then this is a must-have. Corporate travel insurance can cover medical emergencies, evacuation, travel cancellation or delays, baggage loss and theft, rental vehicle excess for employees and directors when travelling for work purposes. It can also cover personal and leisure travel for directors and executives, making it an incredibly valuable policy.

Cyber insurance

Every single business that operates any part of its day-to-day online faces a cyber risk, and travel and event companies are no different. Simply put, if your business handles bookings, payments or customer data (such as personal or financial data), you could be exposed to potential risks from cyber attacks or data breaches. It’s good practice to have policies related to the storage and deletion of sensitive data as part of your risk management processes, and cyber insurance can help minimise the damage that a cyber attack may do.

Cyber and privacy

If your business is impacted by a cyber attack, the repercussions can be broad and long-lasting. Cyber and privacy insurance can cover you for costs associated with cyber attacks such as crisis management (public relations), data restoration costs, IT consulting costs, business interruption, hardware replacement and third-party liability, such as privacy breach liability.

Crime over

Crime cover can protect your business against fraudulent transfers, theft of funds, ransom payments, and unauthorised use of computer resources.

Commercial Property Owner insurance

If your business owns an office premises that it rents out, it’s important they’re protected. Commercial property owner insurance can cover the building, contents, loss of rent and public liability arising from commercial rental properties.

Property/office insurance

If your business operates from an office, it’s important the property and contents are covered for events such as theft or malicious damage, or natural disasters.

Business interruption insurance

If your business premises were impacted by a natural disaster, for example, how would you operate? Business interruption insurance can help you ride out the interruption and help your business become operational again.

Management liability

Management liability insurance can cover directors and officers of private companies from claims from alleged wrongful acts. It’s typically comprised from a range of insurance products, including the following, which can also be purchased individually:

Directors and officers

Provides cover for costs associated with any wrongful act committed or alleged to have been committed by any director or officer while acting in their capacity as director or officer.

Entity cover

This can cover the company for any costs it becomes legally obliged to pay for due to wrongful acts committed by an employee, director, or executive on the company’s behalf.

Employment practices liability

Employment practices liability (EPL) can provide coverage for costs resulting from any claim made against a business by an employee arising from any wrongful act committed or alleged to have been committed by any director, officer or employee. This includes matters like wrongful termination, discrimination, or harassment claims.

Why expert advice is always best

While most organisations share common risks, it’s important to know that every business is unique, and the specific risks you face depend on a number of factors that are distinctive to you.

To fully understand the risks you face, implement effective mitigation strategies and secure the insurances you need – and, importantly, what you don’t need – it’s smart to take impartial, expert advice. Connect with a Gow-Gates insurance broker today to ensure your business is protected.