You or your company got sued? Don’t let your personal assets be wiped out. Here’s a quick primer on this much misunderstood type of insurance
By J. Randell Tiongson, RFP®

Big companies get sued all the time. Take the case of Sulpicio Lines with the MV Princess of the Stars disaster. Imagine the cost of paying all the claims filed against that company. Without liability insurance, can you imagine how Sulpicio can ever recover from this unfortunate mishap?

If you think you or your small business is immune from legal claims, think again. Common folks are often confused or worse, disinterested in understanding the different kinds of insurance products. One of the most widely used insurance is also one of the most misunderstood, if not unknown. Tort, although civil in nature, can become very costly for a business or an individual.

What’s liability insurance?
Just what exactly is liability insurance? Is liability insurance created for the protection of the business or created for the protection of the public? What sort of liabilities does this insurance cover? Is it compulsory or not? These are some of the basic questions we have to answer to understand the concept of liability insurance. It is unfortunate that we often disregard things, items, and persons that are utterly important to us, e.g. (in the order of most forgotten or neglected), God, prayers, spouse, and our insurance policy. We remember them only when the situation calls for it.

When we talk about liability, we talk about legal claims of third persons for bodily injuries and or property damage. The most common and familiar probably is TPL (third party liability) for car insurance. Does this sum up about everything we need to know about liability insurance? Well, I hope not. CTPL for car insurance has its own specific provisions under the insurance code.

Basically, liability insurance is designed to protect the assets (business as well as personal) of a person or entity whether big or small from claims of their customers or even the general public that may suffer injuries or damages. There must be a causal relation (proximate cause) between the injury and the business. Liability insurers are not insurers of the body or property of third persons. Otherwise, no insurance company would cover such a peril or even engage in such business.

Who is really being protected?
According to Atty. Carlo Cariño, “Liability insurance for the protection of the business is not always the case. The Supreme Court looks at liability insurance in a slightly different way. This is important to know because interpretations made by the Supreme Court become part of the law of the land. Supreme Court has held time and again that liability insurance is designed for the protection of the public. This is why payment is made to the party injured and not to the insured. Moreover, the Supreme Court held that a ‘No Action’ provision in the liability insurance policy is null and void. A ‘No Action’ clause in liability insurance provides that the insured must first be sued and a final judgment obtained before liability attaches to the insurer.”

What is and isn’t covered?
Atty. Carlo says that liability insurance covers almost all sorts of liability incurred by the person insured. However, he points out, liability must not be the product of gross negligence on the part of either party. He says, “Gross negligence means that the acts attending the injury is characterized by a wanton disregard to safety, common sense of decency, diligence, contrary to public policy and good custom and thus amounting to fraud. The insurer cannot be held liable for a fraudulent act of the insured or of third persons. The policy does not contemplate to cover such a situation. No one should profit from any act of willful disregard to safety and common decency.”

Payment of liability by the insurance company is limited to actual losses for the injuries sustained. Unfortunately, different people are entitled to different claims. This is why insurance companies put up a ceiling. Any amount above the ceiling would have to be shouldered by the insured.

If a company or a person could face bankruptcy when faced against a liability claim, why would anybody want to take this business? Again, liability will not be shouldered by the insurance company alone. The risk of paying for a liability will be distributed to a “group.” This kind of insurance is a risk distributing device. This is also known as risk-pooling. This is a method used by all insurance companies.

How much to insure?
Moreover, insurance companies are allowed to limit the perils it will insure against. The insurance company also puts a ceiling as to the amount it would pay and would put clauses which would delimit its exposure to the risk. Some pertinent underwriting guidelines will also be applied in assessing the risk. Often, heavy equipment and machinery companies are hit hard. But that, notwithstanding, any type of business should get a substantial coverage.

Liability insurance is somewhat designed for the protection of the public as has been projected. Hence, this is the reason why some businesses are not permitted to operate unless the proprietor or the corporation is sufficiently covered by liability insurance. This is true with regard to businesses engaged in the transport of persons in contrast with a company engaged in the transport of cargos. The question is how substantial is substantial coverage? Determining this amount is quite tricky.

Liability varies depending on the circumstances of the case. For example, if the injured party is a lawyer or an executive with a top position, or when the company is engaged in exposing plenty of people to perils and hazards or when the business is engaged in the manufacture of hazardous materials or chemicals, the probability of injury becomes high or in the case of the persons who are exposed, the amount of compensation in case of an injury is quite substantial.

Is this a good excuse for negligence?
Another question comes to the fore. Given that liability insurance is present and sometimes compulsory, would it not promote recklessness instead of safety? In other words, is liability insurance really for the promotion of the public’s welfare? The answer to that is quite simple.

First, liability insurance is not the final answer to liability claims. Remember, it does not answer for all kinds of liability. Also, the Supreme Court has held many cases sustaining the refusal by the insurance company to pay (existence of fraud or by reason of estoppel). Second, the insured person or entity would not be able to get coverage the next time due to what is known as moral hazard. Third, moral and exemplary damages (awarded if proven that there is gross negligence) are not covered by liability insurance. These claims could also be in an amount as much or even more than the actual damages claimed. Finally, settlement of civil liability does not extinguish criminal liability (criminal negligence may be present). Besides, the idea that anyone who would want to expose himself to unnecessary risk just because he has some form of insurance coverage is just absurd.

Indeed, liability insurance promotes safety and commerce. The intangible consolation for those with business is that it is comforting to know that you do not have to worry so much about liability and thus concentrate on the sound operation of the business. Moreover, compared to the cost of insurance than saving a hefty amount to cover liability claims, the former is cheaper. You do not have to infuse into the price of your product a substantial amount to cover liability claims in the future. Your goods become competitive. Operating expenses are simpler and relatively efficient. Some comprehensive fire insurance has (limited) liability coverage. Review your insurance policy and make sure everything is clear.

J. Randell Tiongson is a training specialist, personal finance educator, coach, and a director of the Registered Financial Planning Institute. He has been engaged in the various facets of the financial services industry for nearly two decades. He is also the co-founder of www.income-tacts.com with Efren Ll. Cruz, an interactive site dedicated in the financial literacy of every Pinoy. For inquiries, you may send an e-mail to randellt@gmail.com.

Businesswoman talks about the trade in children’s wear
By Trinidad Ramos as told to Excel V. Dyquiangco

Passion is the keyword for success in any endeavor. I have so much passion for children’s clothing because I love kids and seeing them smile. I felt heaven in our midst. It was my mom who inspired me to enter the clothing business. She said: people will walk hungry but not naked so I will always have business. Besides, I love seeing kids smile wearing their favorite Ka-BOOSH outfit.

And since the Philippines is known for children’s wear, my friend and I decided to put up Ka-BOOSH Kids. The idea behind the business was conceptualized by my British friend Geoffrey Wood (Bradley Carter UK Ltd) during one of our meetings in 1994 when we attended the Kind & Jugen Fair in Cologne, Germany. We agreed that he will register and distribute the brand in whole of Europe while Ka-BOOSH Philippines, Inc. will register and distribute the brand outside Europe.

We started as a manufacturer and exporter of high quality children’s wear and we export our products to many countries abroad – the US, Africa, Middle East, Australia, New Zealand, and our main market in Europe, the UK and Germany.

Children’s wear is the strength of our country at the time we started the business. We have so many skilled workers doing intricate hand smocking and embroideries so we capitalized on our greatest skills.

European challenges
We first put up our store in Ayala Center in Cebu. We made it our test market because many said that the Cebuanos are wise spenders. When you succeed in this market, you can succeed anywhere in the Philippines.

Our first month in the business was very challenging. Our products before were European-inspired while the domestic counterparts were more of the American style. It is good that we easily captured the discriminating taste of our customers who value unique and high quality workmanship as well as good fabrication.

One of the challenges we faced was the lack of capital or no capital to start with as manufacturing is labor and capital intensive. During those times, the government had very good livelihood programs and they helped us with this problem. They had People’s Livelihood Enterprise Inc. (PLEI) which later became Technology & Livelihood Resource Center (TLRC). They gave startup capital to aspiring entrepreneurs and they gave machineries and other support technologies.

We also had cancellation of orders last 1997 due to late arrival of fabrics from Korea. When the Asian financial crisis hit our country, we lost so much money. It was our great downfall in the export business. We had lots of stocks and we could no longer finance our export business so we tried the domestic market.

Even now, we face many challenges. Cheap Chinese products are flooding our market. Also we do not have a textile industry so we just rely on those coming from Korea and China. But we have a very good team that is well-motivated to produce unique and high quality products that differentiate us from what is common in the market.

The mission
You must have a well-defined reason why you will enter a certain business. In our case it is our mission to provide a decent means of livelihood to many of our Filipino countrymen so even when we were losing money, just the thought that so many people are gaining from the business, we just have to go on. You must also love what you are doing. Our mission is to make a contribution to society in my small way, to make a better future for all the people working in our company, and to make difference to people’s lives.

There are also four characteristics that a good business person should possess. One is good attitude. In business or any other endeavor one must have a positive attitude at all times and treat everyone the way you want others to treat you. Love what you are doing, as the saying goes. Do what you love and the money will follow. Focus on your goal. Our company’s mission is to create more employment and give decent livelihood to our people. Despite all odds we have to go on. If not for our mission, when we lost a tremendous amount of money last 1997 we could have given up. Finally, one should have faith in God and people. It is our unwavering faith in God that unite us with our people and overcome all adversity. We believe that God will never abandon nor forsake us. God is good all the time!

Plan and save
We started in 1988 with P20,000 plus 15 machines borrowed from PLEI. Now we have two manufacturing plants run by our 200 loyal and efficient people. We have seven stand-alone boutiques: Ayala Center-Cebu, Market! Market!, Festival Mall Alabang, SM Dasmariñas Cavite; SM Sta. Rosa Laguna, SM Lipa, and SM Fairview. We have 32 concession outlets in various selected department stores nationwide.

Right now, we have many requests from our loyal customers to make teen wear and moms’ clothing. We are considering these areas of expansion to satisfy our loyal clients.

As the business is still growing, saving money is an important factor. We have learned to delay gratification, and to buy only what is necessary. It is also best to just live simply and be a good steward to God’s abundant blessings.

For anyone who would want to venture into business, you should do and make good in whatever you are doing right now. Learn the business you want to get into and always have a positive attitude in dealing with everybody. Stay focused on what you want to be. You should have big dreams and put all these dreams into action.

By Efren Cruz

The inflation rate for July 2008 was reported at 12.2% p.a., the highest the country has experienced in 17 years. With inflation rate that high, consumers will definitely go through rough times. Even before the inflation number was reported, telltale signs were already present like gasoline pump prices reaching over P60/liter, commercial rice hitting as high as P50/kilo, dressed chicken at the wet market hovering at P150/kilo and many others. But in times like these, is the average consumer already doomed? Is his future already bleak?

I am reminded of a quotation lifted liberally from that instant movie classic, “Kung Fu Panda” (and yes I still watch cartoons): “The past is history. The future is mystery. Today is a gift. That’s why they call it the present.” I have always believed that we are not thrown challenges we are not equipped to handle. I myself have gone through some very tough times. And yet, I have managed to survive and come out stronger each and every time. So in the spirit of this optimism, I offer five tips on handling financial situations when your back is seemingly against the wall. Mind you, this is not a comprehensive list of tips.

1.    Take a deep breath and smile I have written about this before. Smile, not so much as to deny the existence of a problem, but more to conjure up the strength and resolve to attack it. In medical terms, smile with your zygomatic major (mouth) and orbicularis oculi (eye) muscles. Smiling allows us to calm our emotions and think clearer. And smile with your whole being. This profuse smile, especially when bundled with laughter, will help produce endorphins, the body’s muscle relaxant, and will put you in the proper physical and mental disposition to tackle your financial situation. Not smiling fully has a direct correlation with your emotions. Did you know that Mona Lisa was found by the University of Amsterdam, through their breakthrough emotion recognition software, to have been only 83% happy while being 9% disgusted, 6% fearful and 2% angry? This was because she was not smiling fully!

2.    Assess your situation Look at your finances as an entrepreneur would his business. All you need is a simple income statement. There can only be two major causes for your financial stress: either there is too little income or there are too many expenses. If you need help, there is a new breed of trained financial planners holding the title of RFP (Registered Financial Planner). They can help you assess your financial situation.

3.    Cut costs In terms of expenses, see if they are due to discretionary or non-discretionary spending. If they are due to discretionary spending, then the obvious thing to do is to cut back. If they are due to non-discretionary spending (like loan repayments or children’s tuition), then see if you could restructure such expenses by negotiating to pay off such expenses over a longer period of time. Longer-term refinancing is an option provided the terms are better for you. However, we can never zero out our expenses. This is why you should consider the next tip.

4.    Boost income The better way to solve your financial problem is to boost your income by finding a better or second job or going intoa sideline business. Just remember not to kill the goose that lays the golden egg, which is your current job.

5. Save Each family should have an emergency fund, the amount of which should be equivalent to anywhere from three to six months of expenses. This is the fund that you will rely on for major emergencies including financial stress. Put the fund in an earning but liquid instrument like a time deposit, money market mutual fund or UITF. And save a fixed amount, come hell or high water. This is why the formula for a balanced budget, as financial planners point out, should be income less fixed savings equals expenses. Savings should be prioritized.

As a final word, surround yourself with people who are also keen on keeping their finances balanced. If you can’t join a group physically, you can join an e-group. There are lots of them on the Internet. If you want one that tackles personal finance topics in the Philippine setting, try joining my website at www.income-tacts.com.

By Salve Duplito

Deep in the fridge, there are three pints of ice cream in flavors that my three children love. But the secret weapon really is the cute little container of candy sprinklers that I know will earn plenty of hugs for me – the one sugary treat I bought for them during my latest grocery sortie!

As we ended dinner, my dulcet tones announced the surprise as I walked to the corner of the kitchen. “Who would like to have his favorite ice cream dessert?”

The chorus of “Yipee!” was heard all the way to the neighbors’ houses. The kids had crazy fun arranging delectable bowls of ice cream with candy, slices of banana and mangoes, fudge, and crushed nuts.

While the kids were giving me their warm and sticky hugs, I noticed my husband looking on and gasped. I made him his favorite vanilla ice cream with sliced mangoes on top, true, but what right did I have to tell the kids “Nanay” had planned and schemed to get this treat for them?

See, my husband brings home the much bigger bacon, and slaves at the office to provide clothing, shelter, and yes, grocery money. He made the painful switch from freelancer to a regular job so that I could stay at home with the kids and not be saddled with writing projects that I don’t like. As a result, I can write to my heart’s content right in my own home. But while the treats technically come from him, it just occurred to me that he hardly gets the brownie points for them.

I realize that in a manner of speaking, the hand that does the grocery more or less rules the world at home. No matter where the money comes from, it’s the parent who plans the grocery, who actually chooses and goes through the whole exercise that gets to claim he or she went the extra mile to find just the right treat for the kids. The parent who’s stuck with the “unseen” chores like paying the mortgage, utilities, and credit card bills hardly becomes the hero. No fair.

My husband hardly complains. In fact, I’m not even sure if he noticed. But something has got to give. I also realize that I’m probably lucky. In some households, this could lead to tension and misgivings and even more serious problems like financial dishonesty.

“Nak, your Papa bought you this cereal with such a cool toy. Do you like it?” I ask. “Go and give him a hug.” Give credit where credit is due. While it can be tempting to hog the limelight, a little transparency can go a long way.

Get savvy advice from getting a free upgrade to business class to staying productive
By Heinz Bulos

Frequent business flyers are some of the savviest bunch when it comes to travel. Whether you’re a newbie or even just an occasional tourist, you can learn a thing or two to save money and get the most out of your trip:

BOOKING FLIGHTS

1. Get cheap fares
Never pay full fare for your airline ticket. Airlines practice dynamic pricing – fares change depending on many factors such as number of empty seats, day of the week, time of day, when you book, etc. And of course, different airlines charge different rates.

WHERE You need to do two things. One is to compare fares online by checking out the Web sites of airlines that have routes to your destination. You will surely find wide discrepancies across competing airlines. Of course, low-cost carriers offer better deals but may not fly to your destination.

But the Internet is not always the cheapest place to buy a ticket. So the second thing to do is call a travel agent – whether it’s your company’s accredited agency or, if you’re booking your trip yourself, one of the handful that you should shortlist. Often, the bigger players get access to special deals and volume discounts not available online. “I usually call travel agents but I also search the Web,” shares Karen Batungbacal. As president of the Philippine operations of the global BPO firm ICT Group, Karen is a veteran business traveler who already knows a lot of the ins and outs of traveling.

WHEN Fares vary also depending on the day and time. Jojo Uligan, executive director of the Contact Center Association of the Philippines, travels worldwide for trade missions and conferences. He says, “Check several travel agents and dates of your travel. Sometimes depending on your travel dates, tickets are a bit cheaper. Better to have a flexible date of travel to save some dollars unless you need to leave on a certain day. You may want to check online as well for some promos of several airlines.”

Don’t book a flight on a weekend, which is the day favored by business travelers and tourists alike. Experts say for the best fares, book your flight on a Wednesday, though no one can explain thoroughly why. As for the time, the earliest and latest flights are often the cheapest, since they’re the most inconvenient and therefore least preferred. However, try not to get the last flight as you might end up spending the night in the airport if your flight is cancelled (get the earliest or second to the last flight instead).

The other time factor is how advanced or late you should book. Some say book as far in advance as possible. Many airlines offer lower fares for flights if you book 21 days in advance. Other experts believe book at the last minute and take advantage of empty seats during an unpopular day, time, and season, for a last-minute sale. Only do this if you can afford to wait a day or two of course and not in a rush to attend a conference or meet an overseas client.

HOW Get a connecting flight, which is usually cheaper than flying non-stop. This will extend your travel time and add a little hassle but for long distances, consider this a relief. You can also opt for a Saturday night stayover, which is not popular among business travelers and therefore you can possibly nab a cheaper fare. And sometimes, a one-way ticket can cost more than a round-trip ticket, as some systems might charge more thinking you’re a big spender. So some travelers purchase two sets of roundtrip tickets but use only half of each, called back-to-back ticketing.

2. Get good seats

HOW Get a better coach seat as a perfect alternative to business class. A great seat can offer wider leg room and more peace and quiet. Some international long-haul carriers like Singapore Airlines and British Airways offer premium economy seats, which are wider and more spacious. You pay a little more than regular coach sets but certainly a lot less than business class.

WHERE Nowadays, you can pick your seat through online booking. Many airlines allow passengers to choose their preferred seat on their Web site, usually 24 hours before the flight. So go online as soon as you can to get the best seat. You can also check out seatguru.com for flights to the US. As to which seats are best, it’s usually those beside the exit rows in front or at the back where there’s more space. Karen likes aisle seats “so I have full mobility around the cabin. I also try to stay in the middle portion of the section I am in, if business or first class, to ensure distance from the lavatories or galley area which tend to be high traffic and noisy.”

Jojo prefers the first cabin wherein you have so much space and only 12 to 14 of you are there. “I prefer an aisle seat with no one in front of me like the first row or the bulk seat. Row 1C  or 1F,  row 4  middle seats in front of the food,” he chuckles.

3. Upgrade for free

HOW Before you use your frequent flyer miles to upgrade, always ask for the lowest heavily discounted business-class fares. Sometimes you can get it cheaper than upgrading from economy and using your hard-earned miles.

Jojo shares, “If you are a frequent flyer member with gold or platinum level you have a better chance to be upgraded provided the flight is full. You have to ask the person in the check at counter if there’s a possibility of upgrade always. You have to be nice to them. Another way of getting a free upgrade is to use your mileage or travel upgrade certificate given by the airlines.”

Pay full-economy fares. OK, that may be contradictory to our first tip, but if want to upgrade to business class, some airlines like Asiana and Malaysia airlines offer free upgrades to such ticket-holders. That’s still a lot cheaper than buying a business seat outright.

4. Maximize frequent flyer miles

In many cases, the only way to get an upgrade is to use your air miles. As a loyal customer, you can enjoy a lot of privileges including access to airport lounges and elite status at hotels. But for most, free trips and free upgrades are the primary draw.

HOW Stick to one program. If you collect miles from several programs, you’re not maximizing them. To speed up your air miles, focus your efforts on just one to achieve elite status. Karen says, “I try to stick to two mileage programs with a primary one so that I accumulate the mileage and get elite status on the programs that are important to me and my family. As a platinum elite [member] on the program, I have been selected for free upgrades on some flights. And just last week, my son was upgraded from Europe to New York also due to his platinum elite membership.” She adds, “I try and book most of my flights around a core mileage program and all its partner affiliates. I also have a secondary program that I go to if I cannot find the route I want on my primary program. This way I consolidate the miles and achieve elite status quicker, with all the attendant perks.”

Also, be selective in accumulating points. There are many ways to collect points, like checking in at an affiliated hotel, but it’s by flying frequently that you get qualifying miles. Jojo points out, “Get as many free flights and upgrades. That’s the best way to use your miles.”

You have to balance collecting miles with paying the best fares. You should still compare fares across other airlines outside your frequent-flyer program for the best deals. Don’t book blindly just so you can rack up your points.

PACKING

5. Pack light

HOW As they say, travel light. As a business traveler, that should be easier as your trip is usually just for a few days. Don’t take everything you think you’ll need and then some. If you can pack everything in a carry-on, do so. Not checking in your luggage and claiming them after should cut your waiting time at the airport.

BOOKING HOTELS

HOW Don’t pay the rack rate for your hotel room. Just like airlines, hotels have published rates and they have actual rates, depending on how full they are, what day of the week it is, etc. So you need to check the Internet for deals. “Check online for cheap hotel rates at Expedia.com, Hotel.com, Orbitz, etc. There are several sites selling cheap hotel room rates,” Jojo says.
Or go directly to the hotel’s site, which often offers a best rate guarantee. Check with your travel agent or airline also for package deals, which can be cheaper than paying for the fare and room separately.

WHERE Stay at a business hotel. Hotels classified as such are located near meeting places. They are often full during the work week, but often drop their prices on weekends. Jojo argues that a  hotel is just “a place for you to sleep, take a shower, and for storage”. So he says you should consider hotels with 3 stars rather than a 4- or 5-star hotel, “but always look at the location and the reviews.”

7. Get a good room

WHERE Buy directly from the hotel’s Web site. You think you got a great hotel room deal from a discount travel site? Well, you may end up in the worst room. Naturally, hotels will keep the better rooms for their Web customers. Karen says she checks deals online. Although it’s hard to totally avoid getting a bad room, Karen says, “If I stayed in that hotel previously, I request the room I liked during the previous stay or a similar one.  Otherwise, I will not accept a room they give me until I do a check around it, unless of course the hotel is fully booked.”

Jojo jests, “Don’t let your secretary do the booking. Always see for yourself if that’s OK and check with your friends for feedback.” He cautions booking at a hotel you don’t know or checked online for reviews. And once you’re at a destination you think you’d come back to, he adds, “Always check or visit hotels nearby so that you have options the next time you travel.”

8. Avoid extra charges

HOW Always check before you use. Many of us know to stay away from the minibar, which is stacked with beverages and knick-knacks that are overpriced. You can get away with opening a soda or two and then replacing them with the same item you buy from a grocery or convenience store. But some actually have sensors that can detect this.

Don’t use a hotel phone, since they’re often marked up by 100% or more. Just use your cell phone or buy a phone card and use the public phone. Also don’t order room service, which adds a service charge of between 10% and 15%. If you need to have your clothes washed, don’t use the hotel’s laundry service; do it yourself or go outside for a cheaper laundry service.

On the other hand, there are ways you can get more from your hotel than the other way around. Complimentary breakfast buffets are a great deal; plus you can skip a second meal by eating brunch. Many offer free shuttle buses round the clock to major city points. And of course, you can get some exercise at the fitness club and pool for free.

T&E

HOW If your company is paying for your trip, be sure you know the Travel and Entertainment (T&E) policies. Otherwise, you may end up coughing up for some expenses out of your own pocket. Keep good records, including receipts, and make sure you account for your expenses thoroughly.

PRODUCTIVITY

HOW Go online. You can stay connected with colleagues and family through e-mail, online chat, and voice-over-IP services. Use Skype or a similar service for free calls over the Internet. Karen shares, “I text more often and to countries I frequently visit, I usually get a prepaid phone service. I also use Skype once I am in my hotel room.”

To avoid expensive roaming charges, Jojo’s advice is to “get a local prepaid card for local and international calls. Limit your calls by texting and let them call you instead, which is much cheaper than if you call them.”

11. Stay productive

HOW Flying involves a lot of waiting – waiting in the airport, sitting for hours during the flight, riding on a cab – that your productivity can easily drop. Make the most of your waiting time by working.

“Work on the plane or while waiting in the lounge. Always check your e-mail and reply to as many e-mails or text messages as you can. Better yet get a BlackBerry or PDA,” Jojo says.

If you’re not up to hard-core work, use the time for less-intensive activities. Karen uses her down time to catch up with news. She also says her executive assistant is key – “She knows what work to feed me via e-mail, phone texts, or faxes to the hotels if necessary.”

And if you don’t feel like working, you can fill up your time with more relaxing activities. Jojo says, “Read books and try to relax a little bit. Travelling eats up a lot of time and energy so during downtimes, relax, enjoy, and prepare for the next working day.”

WORK-LIFE BALANCE

HOW There are many ways you can minimize jet lag. For one, you should set your watch to your destination’s time zone and adjust your sleep time to the local time. Experts also suggest you get a little sunlight and exercise by taking a walk, which should help rest your natural circadian rhythm. Jojo says, “Stay up when you arrive in your destination. As must a possible, do a lot of activities. Drink lots of water and change your sleeping hours while on the plane.”

“For short trips abroad, I don’t bother trying to beat jet lag as I will be in and out in a few days. I just rest when I can and eat healthily,” Karen explains.

13. Stay healthy

HOW Drink lots of water. On the plane, you need to keep hydrated. Some say avoid caffeine and alcohol but others suggest champagne to help you get a good doze on board. Karen avoids carbonated drinks and alcohol. “I also avoid over-indulging in salty food and food in general. I also walk around the plane every couple of hours and drink lots of water,” she explains.

To lower your stress levels, give yourself ample time so you’re not always in a rush. Bring along noice-canceling headphones to tune out noise during your flight as well as an eye mask to help you sleep.

Keep yourself in good shape by packing healthy snacks and getting some exercise at your hotel or jog outside with the locals.

14. Make the most of it

HOW Combine business and leisure. While you’re away, you might as well use the time to take a mini-vacation by extending your trip. After all, your fare has already been paid for. Just add a little extra for short trips and you can make the most of your business trip. In fact, consider bringing your significant other or family along. Of course, you pay for their fare and other incidentals, but you get your hotel room for free (at least for the official duration of the business trip). Just make sure your company is informed.

Have some fun. If you’re attending a conference or meeting a client, you usually would have an extra day or so for yourself. Use that time to check out the local neighborhood. Check out favorite local restaurants, bars, and cafés. Visit a museum or the local theater. It turns an otherwise humdrum business trip to a more fun – or at least less stressful – experience.

15. Consider alternatives to travel

HOW Before you even think about traveling, ask yourself (and whoever else is involved): Is your trip really necessary? With the advent of technologies like video conferencing and online collaboration tools, it might make more sense to meet virtually. But of course, if your physical presence is really important, just think of the bright side: more air miles and a subsidized mini-vacation.