Brokers are missing out on growing opportunities to cross-sell business travel policies according to new research by Norwich Union. Fewer than 8% of the brokers surveyed by Norwich offer group business travel as an option with commercial insurance cover.
Lisa Wild, senior specialist classes’ underwriter at Norwich Union, says, “With the expansion of Europe opening up new business opportunities, business travel is now an essential part of working life for many companies. Yet brokers are missing out. Our research shows that far from actively promoting business travel, brokers usually wait for customers to approach them and that many commercial clients still rely on personal travel policies.
“But as well as making employees pay premium penalties on personal cover if a claim is made, leisure travel policies may actually exclude business travel, particularly with higher risk employees such as manual workers. Unlike leisure packages, business policies also pay for replacement personnel to be sent to the destination to continue the work or attend an important meeting, if an employee has to be repatriated through accident or illness.”
Norwich Union has added annual business travel as an optional cover to the company’s range of segmented commercial products. Cover includes medical expenses outside the UK up to £1,000,000, baggage and personal belongings, personal money, cancellation costs, travel delay and missed departure, hijack and personal liability. A 24-hour emergency helpline is also provided for customers and their employees whilst abroad.