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Understanding The Risks of Global Exports

Most businesses do not have the ability to recover following a loss, yet the risks associated with international exports and sales are very common and very real. Unavoidable and often insurmountable, these risks include:

Employee Travel

Do your employees have to travel overseas as part of their work? If so, they require specialized coverage. The right coverage will provide security to your employees as they travel through unfamiliar environments, giving them the resources necessary to get immediate, trusted help if they need it.

International Nonpayment

While your business likely has some sort of policy that helps protect you from loss if a buyer fails to pay, only specialized plans cover Foreign Buyer Nonpayment. As a business, you need to find a certified broker for the United States Export-Import Bank and get export credit insurance coverage. These plans protect SMBs against most instances of international nonpayment, helping to minimize the business impact of such circumstances.

In-Route Cargo Threats

Import and Export insurance plans help to protect your cargo while it’s in route to its final destination. Whether it travels by air, sea, or train, cargo insurance plays a crucial role in mitigating the long list of loss risks associated with foreign imports and exports. Personalized policies ensure your business only pays for the coverage it needs.

Foreign Business Fronts

If your company maintains a location in a foreign country, having insurance coverage to protect that location and its assets is essential to business resilience. Plans can cover things as minor as equipment breakages in that location to events as major as employee injuries and kidnappings. Insurance provides immediate resources and assistance to restore the business’ normal operations quickly.

Contingencies and Liabilities

Businesses operating in the United States are surely familiar with consumer rights and relevant regulations that determine the grounds upon which a consumer can file a complaint, request compensation, or get a refund. However, if you are selling to a foreign market, there is a myriad of similar regulations from around the world that you must understand and comply with. Representations and warranties insurance helps provide coverage for various liabilities your company offers and is required to offer for as long as the contract remains active.

Determining Appropriate Coverage

Whether your business is just now entering into the world of global exports and imports, or you’ve been in the industry for some time, it’s essential that your company stays on top of its obligations. Understanding the protection you require to protect you from loss and incidents is paramount to building agility and resilience into your brand’s framework.

Opting for an international insurance provider, such as Varas Insurance, will give you the flexibility to personalize a policy that includes all of the coverage you need under one umbrella. When choosing an insurance provider, make sure they meet the following standards.

Multinational Experience

Don’t trust your business’ coverage in the hands of an amateur. Opt for an insurance company that has the multinational experience and leadership necessary to understand the markets you work with and all of the regulations and requirements associated with them.

Varas Insurance maintains a multinational leadership team with years of experience assisting businesses across 54 territories and countries.

Tailored Coverage Options

Don’t get stuck paying for coverage you don’t need or overpaying for coverage that isn’t enough for your business. The right insurance company will sit down with you to understand the biggest risks you’re facing and adjust the policy and coverage to match. This makes for a cost-effective and reliable policy that provides true peace of mind.

Varas Insurance will customize a policy to suit your company’s needs, with 19 products and services to choose from.

Modern Tools and Technology

Your business doesn’t have time to waste making phone calls or struggling to get in touch with assistance, especially in the middle of a crisis or incident. Choose an insurance company with modern tools and technology to make understanding your coverage, filing a claim, and accessing resources fast and easy.

Varas Insurance has an intuitive online customer portal to ensure complete transparency and control for every client.

Translation Services

Legalities are easily “lost in translation,” but your business is still responsible for following the laws and regulations of every company you do business with. Opt for an insurance company that has reliable translation services so you can fully understand local policies.

Varas Insurance will translate any local policy into a common language to ensure it is accurately and appropriately interpreted.

Global Travel Assistance

If your business sends employees to foreign countries for work purposes and you are opting for international employee travel insurance, make sure the company offers consistent and reliable assistive services. Employees should never have to call twice to get ahold of a professional when they need assistance, nor should they be stuck waiting on hold when in a concerning situation or unfamiliar location.

Varas Insurance proudly maintains a friendly, professional team to assist all the employees on your policy whenever they go abroad. Our travel phone app and 24-hour Crisis Support line provide the utmost confidence and safety for your business team.

Guarantee Business Resilience

If you’re looking to improve resiliency and agility for your business as you continue expansion, Varas Insurance Brokerage can offer the flexible coverage you need. Founded by Monica Varas in 2018, Varas Insurance is backed by a founder and entrepreneur who has dedicated 25 years of her life to commercial insurance. The result is a brokerage that understands the needs of SMBs and the risks and requirements of the global marketplace.

Whether you are just beginning your journey into exporting and global sales, or you’re looking for added protection as you expand further, Varas Insurance Brokerage has flexible commercial insurance options to meet the diverse needs of a changing world.

Varas Insurance offers:
• Services in three languages: English, Spanish, and Japanese.
• A wide range of personalized coverage options as a certified broker of the EXIM bank.
• Physical locations in New Jersey and New York, with a new office opening in Lima, Peru.
• An intuitive online portal for customers located anywhere in the world.
• A relationship with the American Chamber of Commerce in Mexico, Columbia, Peru, and India.

The multinational team at Varas Insurance Brokerage understands the needs of businesses like yours, but even more so, we know that navigating the world of international coverage options and global regulations is challenging. Our team aims to simplify the process of protecting your global business while maintaining the professional courtesy you’d expect from a leading brokerage.

Are you interested in learning more about how Varas can assist your business in its expansion journey? Learn more at our website and reach out to our team for answers to your questions.

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