A product designed to make travel insurance cheaper for professionals, small businesses and self-managed superannuation funds will be launched in Australia this week.

Professionals Travel Cover allows individuals to buy a single annual policy from $167 that covers up to 10 work colleagues for multiple trips, both domestic and international.

MD Ian Jackson says it is the “best value” multi-trip travel cover on the market.

He says professionals generally take out more expensive policies designed for larger corporates. “Our vision was to fill this void with a less complex, easy-to-purchase product that could be applied for quickly online, specifically for professionals.”

He says family members are covered when travelling with the policyholder, and it covers skiing and cruising at no extra cost.

The policy is tax-deductible, pre-existing medical conditions need not be declared, and premiums do not increase with age, up to 65.