While leisure travel has seen a swift rebound over the past few years, corporate travel has taken a more cautious approach. Health concerns, cost controls, and a shift to virtual meetings initially slowed the return to pre-pandemic levels of business travel. But work-related travel is expected to reach or even exceed 2019 spending levels by the end of 2024. According to Deloitte’s latest survey, corporate travel spending is projected to grow by 8-12% in 2024, reflecting a renewed commitment to in-person engagements, including client meetings, conferences, and project work.
The frequency of travel is also increasing, with 20% of travelers expecting to take six to ten trips in 2024, and 10% planning over ten trips. When more people are “on the road,” there are more opportunities for something to go wrong — but with business travel accident (BTA) insurance, you can help your clients ensure that a bad presentation is the only thing they might succumb to.
Key Business Travel Trends Impacting Risk Exposure
As companies embrace the evolving dynamics of business travel, new trends are reshaping how and why employees hit the road. From the emergence of “super commuting” to the growing significance of industry events, today’s travel landscape brings both exciting opportunities and critical considerations. Here are the top business travel trends redefining what it means to be a road warrior — and the essential risks that companies need to manage to keep employees safe and journeys productive.
1. Conferences and Industry Gatherings as Top Drivers
Conferences, trade shows, and exhibitions have become major catalysts for travel, as companies leverage these events to meet with multiple clients and industry contacts in one place. Deloitte reports that six in ten business travelers plan to attend at least one conference in 2024, with these events driving substantial growth in corporate travel across sectors. High-frequency travel for these gatherings heightens exposure to health risks and travel-related incidents, particularly with the packed conference schedules.
2. Super Commuting: The New Long-Distance Commute
A notable trend in corporate travel post-pandemic is the emergence of “super commuting” — long-distance travel to company offices. During the pandemic, many employees relocated or were hired remotely from locations far from their companies’ offices. Now, with hybrid work arrangements in place, these employees are increasingly required to make occasional visits to headquarters or other office locations — known as super commuting, as it sometimes involves flights rather than traditional commutes.
According to Travelport, employers partially or fully pay for 70% of these long-distance commutes. Super commuting adds complexity to corporate travel policies, as these trips tend to be longer and more varied than traditional travel, posing unique risks that may not be covered under pre-pandemic policies. Business travel accident insurance – a specific type of participant accident insurance – can help address these gaps by providing protection tailored to the new format of these work visits.
3. Client and Project-Driven Travel Remains a Priority
Frequent travel for sales and project work remains essential in many industries. In 2024, about 21% of frequent travelers reported traveling monthly for client projects or sales work. This high travel frequency exposes employees to greater risks, such as transportation-related incidents, highlighting the need for robust business travel accident insurance to cover emergency medical assistance and other contingencies.
Primary Risks for Business Travelers
As business travel evolves, companies face a range of risks that extend beyond traditional concerns. Here are some key challenges you may want to raise with your corporate clients:
1. Health and Safety Risks Across All Travel Types
Business travel risks aren’t limited to international trips — local and domestic travel also pose significant safety concerns. Injuries, accidents at work, and health issues like food poisoning or minor injuries can disrupt any trip and require access to local medical care. Business travel accident insurance helps employees receive support for both serious and routine medical needs.
2. Coverage During “Off-Hours”
With the rise of “bleisure” travel, employees often combine work with personal time, increasing exposure to risks outside typical business activities. Traditional policies, including workers’ comp, may not cover incidents during these personal excursions, but BTA insurance offers continuous protection from departure to return.
3. Risks of Super Commuting
The trend of super commuting presents unique challenges. Often less frequent but longer, these trips require policies flexible enough to cover a mix of work and personal time. BTA insurance addresses these new travel patterns, ensuring comprehensive coverage for extended stays.
4. Duty of Care and Holistic Coverage
While workers’ compensation may cover some travel-related incidents, a specialized participant accident insurance policy with specific BTA coverage fills critical gaps, especially during personal time. It also offers resources like pre-travel briefings, emergency support, and travel alerts to help employees prepare for and navigate risks on any journey, fulfilling employers’ duty of care.
Business Travel Accident Insurance: Why It Matters
With corporate travel now extending beyond traditional boundaries, business travel accident insurance has become a key component of corporate risk management. MiniCo’s exclusive Participant Accident Insurance program offers coverages specifically to address business travel accident exposures. With 50 years of experience providing insurance solutions for niche risks, MiniCo’s dedicated program team specializes in customizing participant accident policies that address unique business travel risks:
- Medical expense coverage covers emergency medical expenses for injuries or illnesses incurred during travel.
- Accidental death & dismemberment (AD&D) provides benefits for accidental death or severe injury.
- Emergency evacuation and repatriation cover evacuation costs for medical or security emergencies.
- Disability benefits support employees who are temporarily unable to perform due to a travel-related accident at work.
MiniCo’s Participant Accident Insurance program provides custom protection for your clients in today’s travel environment. Our program team’s expertise in underwriting, and exclusive binding authority gives agents like you access to insurance solutions that provide protection and peace of mind for your clients. Contact MiniCo today to learn more and get a quote.
