The Advantage Travel Partnership, the UK’s largest consortium of independent travel agents, has announced the launch of a brand-new insurance product, currently being rolled out across the partnership’s global business travel division.

The new business travel insurance product offers travel management companies (TMCs) a simple, comprehensive, low-cost option for their clients, with little risk to the TMC’s business.

Following the pandemic, many TMCs have faced restricted cover from business travel insurers and are now turning to insurance specialists who have an in-depth knowledge of the market. With its highly specialist team of experienced in-house brokers, Advantage Financial Services is now able to offer expert advice on insurance providers and the levels of cover required.

Heather Haggis, head of Advantage Financial Services (AFS), said: “Many businesses are finding it difficult to navigate the ever-changing tides of business travel insurance and require the assistance of a party they can trust – and that’s where we can help. Businesses trust their TMC, but often feel the need to turn to experts in this field as it is highly specialist.

“At Advantage Financial Services we are experienced specialists when it comes to business travel insurance. We are able to service insurance requests at no cost to TMCs and offer competitive prices to their clients. Our new business travel insurance is a core product offering that sits as a part of our business solutions offering which we will be continuing to expand over time.”

The product has already been successfully tested prior to the full launch by TAG, an Advantage member following an enquiry from one of their customers looking for bespoke business travel insurance cover. TAG was able to receive comprehensive assistance from Advantage who sourced and helped place the bespoke risk for their customer.

Sam Robson, Group Events Director at TAG, said: “We are incredibly pleased with the solution Advantage presented to us and in turn, our client was highly satisfied by the coverage. As a result, we have since added more trips to our company policy. Like many others in the travel industry, we are seeing increased restrictions in business travel coverage. Because of this, it is vital for a company we trust, like Advantage, to be able to provide this service at a fair price point. We highly recommend the service to any TMCs looking for business travel insurance and to those experiencing difficulty with bespoke requests.”

The new product is available to companies of all sizes, from micro-SMEs and start-ups to large corporate entities. The inclusive policy enables companies who may not have dedicated risk assessment officers to benefit from Advantage’s significant experience of business travel risks. Policies can also be tailored to include corporate guests and contractors alongside company employees, without having to list every traveller. Prices for policies begin from £288 + 12% tax.

Major benefits of the policy include:

• Competitive premiums
• The policy can cover all employees/contractors/guests without listing every traveller
• No medical screenings or medical-condition exclusions are required
• No excesses on the policy

The business travel insurance policy is provided by travel industry insurance specialists Advantage Financial Services (AFS), the consortium's inhouse insurance broker.