Companies have been advised that reducing their travel budgets could be counterproductive during an economic downturn.
Some firms could find, however, that taking out
annual multi trip insurance, rather than a number of individual
travel insurance policies, could save them money during the credit crunch.
Paul Robin, founder of Business Travel Market, said that to stop business travel altogether would be a false economy, as cutbacks on travel costs could result in fewer deals by foreign clients.
He commented: "Companies are very sensible and realise they can't cut costs and have no people travelling and representing them and winning no new business."
To support obtaining new business from overseas, firms may find that taking out annual multi trip insurance for their employees could make travelling during the recession more financially viable.
Mr Robin added that businesses need to make sure that any travel which is carried out by employees provides maximum benefit for the company.
According to research carried out by the Association of Corporate Travel Executives, 86.2 per cent of UK businesses have cut back on their travel budgets during the recession.
In addition, 66 per cent noted that they now book further in advance to make additional cost savings on trips abroad.
InsureandGo offers annual multi trip insurance for those looking to head off on frequent business trips overseas.
