I have a client on the other side of the country who has repeatedly expressed interest in flying me to meetings and demonstrations related to our project. They have indicated they would pay all my travel expenses - airfare, room and board, etc.
However, I am concerned about loss of income during such trips. I will probably be unable to do any regular work while away from home, which amounts to losses of several hundred dollars per day, something I can't comfortably afford right now.
What is the customary approach to loss of income in a scenario like this? I can think of a few different approaches but I'm not sure which one is "correct":
- Bill them my normal daily rate as part of travel expenses to cover loss of income
- Bill them only for time spent actively working with them (e.g. demos, meetings) but at a higher hourly rate than normal
- Take the hit on my income since they are already paying for the travel and board