1. Sweat the small stuff; be aware of smaller airlines' vulnerabilities. Big airlines take years to disappear — and when they do, there's usually another major carrier to accept the passengers who were left high and dry and their frequent-flier miles. But smaller airlines go quickly, often without warning.Consider the Canadian discount airline Jetsgo, which shut down suddenly in March 2005, leaving an estimated 17,000 passengers without tickets. Passengers had little notice, and when the airline liquidated, they also had no way of getting to their destinations. In 2004, Southeast Airlines went belly-up, causing similar disruptions. No one can fault your business for trying to save a few bucks on airfare, but remember that the smaller the airline, the more vulnerable it is to bypassing Chapter 11 bankruptcy and heading directly into Chapter 7. That's liquidation. Or as your friendly crew member might say: "Buh-bye."

2. Use a credit card. The conventional wisdom is that you should never pay for an airline ticket with anything but a credit card. By and large, that conventional wisdom is correct. If your business is using a smaller agency for its corporate travel, make sure everything is done with a card. That way, both you and your agency are protected. In the event of a bankruptcy, the charges are almost always quickly reversed.In my other life, as a problem-solver for National Geographic Traveler magazine, I often deal with readers who wrote a check to a travel agent or even paid by cash. Big mistake. If your airline folds, you stand to lose almost everything, because you now have to take up a claim with the bankruptcy court. Bankruptcy courts tend to favor the larger creditors — the aircraft leasing companies, airports, and other large debtors — and will give them a higher priority in any claim than, say, a business with one or two missing airline tickets.

3. Know the law. If your airline is grounded, you are probably protected. Thanks to the Intelligence Reform and Terrorism Prevention Act of 2004, you have the right to what's known as "alternate carriage" — in other words, your ticket must be accepted by another airline. But wait, there's more to know. The law stipulates that you must pay a $25 "processing fee," and if no other airline flies to your destination of choice, you're obviously out of luck. However, the "right to alternate carriage" provision of the act is due to expire on Nov. 19, 2005, unless Congress extends it.

4. Run a cost-benefit analysis to determine if you should travel by car instead. A 2004 report by the U.S. government's Bureau of Transportation Statistics found that the average break-even point for deciding between traveling by car or by plane is about 500 miles. In other words, anything less than 500 miles is done by car; anything more is done by plane. But that's just the average. If you live in California or Texas, where motorists are accustomed to driving long distances, the number might be higher. In the Northeast, it could be lower. The point is you need to run your own numbers and ask yourself: Do I rely too much on airlines?

5. Don't forget the Web conferencing option. Next, check out other options beyond an in-person meeting, such as Web conferencing. Can your business achieve the same objective without an expensive trip? Often, with an online meeting, the answer is "yes."

6. Book healthy when you make your plans. You don't have to be an airline expert to know which airlines are in trouble and which ones aren't. Why would you book a seat on a carrier flying under bankruptcy protection? Well, desperate airlines do desperate things, such as lowering their fares to the point where you can't resist buying. But ask yourself: Can I afford to miss an all-important business meeting if my airline collapses? What is the real price I'm paying for the ticket, and how much more expensive will the actual cost of that ticket be if the airline expires? A better business strategy is to steer your company's air travel account toward one or two healthy carriers who are likely to survive the latest shakeout.