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Understanding Corporate Travel Risk Management

Running a business of any size comes with some risks involved. When you add travel to the equation, it’s difficult to predict the challenges that may be presented ahead...

When it comes to corporate travel, there is always a certain degree of risk involved. Therefore, businesses need to have a comprehensive travel risk management plan in place. Here’s everything you need to know about understanding and managing corporate travel risk.

What is Corporate Travel Risk Management?

Corporate travel risk management is the process of identifying, assessing, and mitigating risks associated with business travel. It’s crucial for businesses to have a solid understanding of the risks involved in travel and to put measures in place to mitigate those risks.

There are several risks associated with corporate travel, including:

• Health and safety risks: Business travel can expose employees to many health and safety risks, including exposure to communicable diseases, injuries from accidents, and more.

• Security risks: Business travel can also expose employees to security risks, such as theft, assault, and kidnapping.

• Financial risks: Business travel can also result in financial losses for a company, such as if an employee loses company property or incurs unexpected costs.

Why is Corporate Travel Risk Management Important?

Corporate travel risk management is crucial because it helps businesses to protect their employees and assets from the risks associated with business travel. By identifying and assessing the risks involved in travel, organizations can put measures in place to mitigate those risks. This can help reduce the likelihood of accidents, injuries, and losses.

How to Mitigate Corporate Travel Risk

With a travel management company, you have experienced travel risk management solutions, so you won’t be moving forward with blinders on.

Thanks to a solid foundation in corporate travel risk management, Telios Travel helps you obtain an understanding of the obstacles your business may face moving forward. Here are just a few ways you can be prepared.

1. Establish A Corporate Travel Policy

Many travel risk assessment advisors would agree that a great starting point is simply consulting your corporate travel policy. Don’t have one? Be prepared to seek some basic advice and put one in place for your team.

The main purpose of a travel policy is to standardize your company’s travel practices and expenses. Your basic policy should include safety and security expectations. Establishing a corporate travel policy means your employees embark on business travel as informed members of your company.

2. Know Destinations Risks

Each location your employees travel to has unforeseen risks – but some areas are more prone to problems than others. Travel risk assessment means outlining potential snags and coming up with a plan to handle them. Heading to an area where a certain disease is more prevalent? Is petty theft more common than normal? Hiring a travel management company can help you navigate each location before departure.

3. Insurance For Employees

When it comes to travel, you can never have too much insurance. Working with an established and reliable insurance company can be a game-changer for your team on the ground. When faced with an injury, malady, or theft, the last thing anyone wants is to have to navigate the time-consuming bureaucracy to solve the problem – or be unable to access help when needed. Make sure worldwide assistance is readily available 24 hours a day.

4. Basic Training

Be prepared to provide some training before departure as part of a pre-emptive travel risk management solution. Perhaps employees will consult a travel doctor and get updated vaccinations and advice in the months before they travel. Or maybe preventative eating habits are a part of your preparation. Be prepared to communicate any increased risks to employee health and well-being before departure.

5. Duty Of Care

Your business could face liability issues if you do not provide duty of care to your employees when they travel. Although each country differs on this standard, a bit of research means your company is informed of basic expectations. Taking care of your employees is the right thing to do. Make sure you’ve familiarized yourself with travel risk management solutions when it comes to your business trips, or hire a reputable company to do the research for you.

Ready to embark on your next trip? Consult Telios Travel and be aware of the risks involved. Contact one of our consultants to help you provide your employees with the ultimate travel plan.

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