What is an international insurance and who needs it?
An international insurance policy is made to mitigate the risks associated with expanding globally. What if your product is damaged on the way to its destination? Or if you face some type of liability for a professional service you provided abroad? These are some of the many coverages that an international policy will provide.
Currently, in the international business market, there is a large increase in imports and exports, and most domestic commercial insurance policies do not cover this risk. Companies need international coverage that can protect their business and the risks their employees face around the world.
If you are a small business that is considering exporting its products or services for the first time, you should consider getting an international policy. If you already are exporting and slowly growing, keep in mind that your international policy should expand as your project does to make sure you are covered every step of the way.
Here is an example of how an international policy works. A local policy is issued in the country requiring coverage and the master policy is issued in the country of origin. The second will be issued to cover any gaps in the local policy. The perfect insurance for businesses and individuals around the world is consolidated in a single master program.