The world has changed, and what once was a mom-and-pop operation may now be part of the global economy thanks to the internet. However, these changes mean your insurance needs have changed.
If you do business outside the 48 states or US territories, you may not have coverage for your operations, yourself, your employees or your products. International insurance offers protection for what might be a huge gap in your current insurance policies.
Who Needs International Coverage?
Any business with international exposures needs international coverage. If you sell products online to other countries or if you travel to other countries for meetings you need this coverage. If you have overseas offices or workers, property or automobiles, or if you provide services in other countries, international coverage is for you.
Why Is it Necessary?
Most insurance policies in the United States have a coverage territory that limits coverage only to certain areas. The coverage of the policy may only extend to the contiguous 48 states, or to all 50 states, and US-held territories. Some may offer coverage beyond US borders but only on the North American continent. Even insurance policies that insure beyond US borders may limit coverage only to suits filed in courts in the United States.
What Is International Coverage?
International insurance coverage is essentially the same as your US insurance coverage, but allows for legal protection and indemnification of your company in a place where laws and industry regulations may be very different.
International coverage may include:
- General Liability
- Products Liability
- Automobile Coverage
- Workers Compensation (for foreign employees and US employees overseas)
- Kidnap & Ransom
- Cargo Insurance
- Travel Insurance
- Many Other Coverage Lines
Hayes Brokers works with companies that do business all over the globe. Call today for a quote for your business.