All businesses carry some level of insurance coverage. While your current coverages protect you when dealing inside the U.S., do you know if your policies remain in effect if you do business internationally? A lot of business owners are surprised to find out that their coverage is not expansive enough. Working in the global economy is lucrative, but you need international business insurance to protect your company.
Types of International Coverage
International insurance is multiple policies that cover the risks of working abroad. These policies may look similar to policies that you have in the states. General liability coverage, for instance, protects you against lawsuits claiming injury and negligence. Other policies that you might find helpful cover the risk of:
- Stock damage
- Currency freeze
- Unfavorable exchange rates
Policies that cover accidents, errors and criminal activity have an international version.
Benefits of International Coverage
If you do business abroad and someone files a claim against you, your company still has to pay legal fees. In some instances, it may be difficult for you to fight a claim in foreign courts. You may have domestic insurance, only to find out that it doesn’t cover any of your global dealings.
Protecting your business from potential loss is critical to a successful company. If you do business on a global scale or plan to do business on a global scale, then international business insurance would benefit your company.