No Exlusions, which is backed by former Marks & Spencer boss Sir Stuart Rose, already allows easyJet passengers who miss their flight either to get a new ticket for the next available plane at no additional cost, or a full refund.
The company said it was in discussions with “numerous airlines” and “advanced contract negotiations” with two major operators.
However, Sir Stuart, a non-executive director at the company, had to provide a cash injection of £50,000 to fund the company as it hunted for sales.
The business, which makes money through commissions on the policies, recorded a pre-tax loss of £592,000 last year, up from £239,000 in 2010. The service costs £7.50 based on a single flight.