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Insurance Policies For Business Travel

admin — Thu, 12 Mar 2009 21:18:51 +0000

If you have ever tried to acquire a business travel policy, you will realize that they are fairly different from the regular travel policies. Insurance companies take cognizance of the fact that travel for business purposes may involve different kinds of risks as compared to travel for pleasure. Which is why they customize the business travel policies to match the risk assessment.

In a business trip, one is likely to carry certain kinds of equipment for work related purposes. Laptops, Palmtops, printers, cell phones, additional luggage to make a few are certain kinds of equipment that one may carry while on a business trip. Since these are high value items they are at a considerable high risk of theft and damage.

While developing a business travel insurance plan there are various factors to take into account to ensure that all the possible risks are covered and assessed. Some of the elements that are considered are the time taken to travel, the destinations that the business personnel is visiting and the purpose of travel. To give an example, a journalist traveling to Afghanistan will probably be offered a business travel plan with a higher premium as compared to a sales executive traveling to Boston to make a sales pitch. Some insurance companies may offer joint insurance plans.

Before and after you have chosen a particular insurance plan make sure that you go over the booklet provided along with the insurance documents. A few minutes spent on the information may prove to be very useful if the need arises to file a claim.

This booklet contains useful data like the policy number that needs to be quoted in all communication that is made with the insurance company. Some insurance companies insist that the policyholder contact the company within a certain period of time of an incident if a claim is required. Which is why it is vital that this small book be with you all the time. Some companies have a 24 hour hotline which can be accessed in times of an emergency and if cash is required immediately. If the claim is mad on the basis of a medical situation relevant proof and documentation shall be required. Avoid sending the original bills and prescriptions and send only copies unless if is mandatory and mentioned in the policy guidelines.

Be careful also to review the document before deciding where you plan to stay since some companies stipulate that the policyholder should stay in company provided accommodation to be eligible for the claim.

Know your insurance better to be able to utilize it more efficiently and judiciously!

By: Kenneth Scott

About the Author:

To find more information about business and business travel insurance visit http://comprehensive-business.com

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3 Rules to Simplify Your Recordkeeping for Business Travel

admin — Thu, 06 Nov 2008 07:37:24 +0000

Tom Wheelwright asked:

here and for many of us that means summer business trips. I love traveling for business. It usually means I’m on my way to speak at a seminar in a great location. But, my least favorite part about business trips is keeping track of all of my receipts.

I use to come home from a business trip and find my receipts in various places over the next several days (or weeks!). Some I would find in my wallet, others in my briefcase, more in my coat pocket, some in my car and with all of these, I was still missing receipts!

That was until I came up with my system for easy business travel recordkeeping. This system is so simple to use and it maximizes my business travel deductions.

Here’s how my system for easy business travel recordkeeping works:

*Rule #1*

Use the Convenience and Leverage of Email

When my airfare is booked, the airline sends me an email automatically that has all the information I need for my receipt. I forward that email to my bookkeeper immediately upon receipt. That takes care of the airfare receipt.

When I check out from my hotel, I request to have a copy of my bill emailed to me. I forward that email to my bookkeeper immediately upon receipt. That takes care of my hotel receipt.

With my airfare and hotel receipt, I have the receipts for the majority of my actual expenses. But most of the receipts from my travel come from the other expenses, like meals, cab fare, cash tips. Here is how I tackle those receipts.

*Rule #2*

Pack 2 Envelopes

Part of my packing for a business trip includes packing 2 envelopes in my carry on bag. The first envelope I label with my destination, travel dates and “Meals.” The other envelope I label with my destination, travel dates and “Other.” Any time I get a receipt from a meal, it goes in the “Meal” envelope. Any time I get any other receipt, I put it in the “Other” envelope. After my trip, I give the envelopes to my bookkeeper to record my travel expenses.

It’s such a simple system, but it works!

You may be wondering why I separate my meal receipts. There are 2 reasons I do this.

First, with my meal expenses separated, it makes it easier for my bookkeeper to code the expenses properly. My meal expenses are only 50% deductible, but the rest of my business travel is 100% deductible. Separating the two helps ensure that the expenses get coded to separate accounts so only my meals are subject to the 50% limit.

The second reason is so I can maximize my deductions. This is explained in Rule #3.

*Rule #3*

Use Per Diem

To maximize my business travel deductions, I separate my meal receipts AND I use a personal credit card or my personal cash to pay for all of meals while traveling. I do this because it is the easiest way to make sure I maximize my business travel deductions.

Here’s how I maximize my deduction:

When traveling on business, meal receipts are not required in order to deduct a meal expense. The IRS issues per diem rates for meals and these rates can be used for a meal deduction instead of the actual expense.

This means I can use either my actual meal expenses or I can use the per diem rates. Of course, I always pick the one that gives me the biggest deduction!

I have trained my bookkeeper to compare the total of my actual meal receipts to the per diem allowed. My bookkeeper then determines which provides the greater deduction and records that in my bookkeeping.

For example, if my meal receipts total to $125 and the per diem totals to $200, then I can legitimately deduct $200 for meals. This is one of my favorite strategies because I have increased my business deductions without spending any additional cash!

Here’s how I simplify the recordkeeping:

I mentioned that I use a personal credit card or personal cash for my meal expenses while traveling. I do this to make sure my business claims the larger of my actual expenses or the per diem allowed.

Once the greater of my actual meal expenses and per diem has been determined, my bookkeeper then completes an expense report that claims the greater amount. My business then reimburses me based on the expense report.

Worst case is I get reimbursed the exact amount I spent, but often times, I’m able to get reimbursed more than what I actually spent because the per diem rates are greater. This means my business gets a bigger deduction and my entire reimbursement (even if I am reimbursed more than what I actually spent) is tax free to me!

This is my favorite kind of system – it’s simple and it maximizes my deductions!

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Business Travel Tips: Top 5 Business Traveler Nightmares – and How to Prevent Them

admin — Fri, 04 Jul 2008 21:06:46 +0000

Business travel is on the rebound. As the economy continues to grow, companies are unleashing their employees to travel to seek opportunities and work with clients and customers all over the world. Increased numbers of business travelers bring problems as well. Travel delays and other obstacles simply increase with volume, and the more you travel, the more you suffer from them.

But preparation can at least equip every business traveler with the tools to master the business travel environment and reduce or eliminate the obstacles to a successful business trip.

Here Are My Top 5 Business Travel Nightmares — And How To Prevent Or Deal With Them:

1. You’re in danger of missing your flight: you’re stuck in the security line because you didn’t know about some recent rule changes. Today, 3-1-1 is the mantra of the business traveler. If you want to carry on – remember containers of liquid holding no more than 3 ounces, all in 1 (and only 1) quart size zip lock bag. But these rules change all the time. Keep up to date on the government carry-on restrictions. It takes a few minutes at home on your computer before you head to the airport. The best resource to use is www.tsa.gov. Another alternative would be your airline’s website – if you check in on-line, then it’s just an additional click of the mouse.

2. Your flight’s been cancelled, you’re in danger of missing that critical client meeting and you’re 30th in line at the customer service desk. As a standard practice, your travel agent’s, preferred airline’s or website’s customer service number should be in your cell phone speed dial. At the first hint of a delay, contact one of them directly and ask for the flight status. They have access to information that you don’t and can start working on alternatives for you. If your flight is cancelled, there are only going to be so many seats available on alternative flights, and your objective is to get one of those coveted seats before anyone else does. One early phone call can get you there.

3. You are receiving the cold shoulder because you used the 6 words that every ticket or gate agent despises. “Do you know who I am” are the six most lethal words any passenger can use. A gate or ticket agent, unlike your colleagues or your clients or customers, doesn’t care who or how important you are. What’s important to them is your name and flight information, which they have in front of them. So leave your “status” at home. Kindness, deference, respect and a little empathy go much farther as a business traveler than self-importance when dealing with airline personnel. They are the gatekeepers with a lot of discretion, and treating them properly can make them much more interested in helping you when one of the inevitable flight problems arises.

4. You just realized you can’t rent a car (or possibly even get home) because you’ve dropped your only form of identification in the airport that’s 2000 miles away. Remember that you can’t rent a car without a driver’s license and can’t board a plane without your ID. Thus, you must keep your ticket and your ID in a secure place with easy access at all times on the road. Get something to put around your neck or, if that’s not stylish enough, try a separate case, such as the A-Way Ticket Tote. A little expenditure for something that will keep your ID in the same place all the time will be a big help in preventing a disaster or at least keep you from worrying about it.

5. You and your colleagues have been discussing a confidential strategy the entire flight only to find that your competition has been listening from the row behind you. Business colleagues typically discuss their business when they travel together, and if they are going on a trip for a specific purpose, their discussion will probably center on that purpose. But on an airplane you have no idea who is listening nearby. Just be sure that you are guarded enough that you would not be embarrassed or your business harmed if your words were published in the newspaper. Be discrete; you really never do know who is listening to you.

By: Kathleen Ameche

About the Author:

Known nationally as “the Woman Road Warrior”, Kathleen Ameche, author and CEO of A-Way Travel Gear and The Ameche Group LLC has developed business travel strategies guaranteed to keep both the occasional and frequent business executive traveler safe, secure and sane! For a slew of travel products developed from the input of travelers Kathleen met on the road and at speaking engagements go to: awaytravelgear.com/emporium

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