The answers to your questions about international business insurance

What is international business insurance?

International business insurance (or global business insurance) is a mix of broadened coverage for common risks — such as auto, property and liability — along with specific coverage and services for scenarios that may occur when travelling abroad, such as kidnapping or medical evacuations.

Why should I consider international business insurance?

Doing business internationally presents unique and complicated risks. For instance:

  • Are you protected against a lawsuit filed outside of the U.S.?
  • What happens if a foreign-based employee gets ill or injured?
  • Are you covered if damage occurs to one of your overseas offices?

In these scenarios, your current commercial property and liability insurance may not be enough. Once the business you conduct crosses a U.S. border, you’ll want to make sure you have insurance coverage that will travel along with it.

What does international business insurance cover?

It varies by insurance carrier. For instance, Hanover GlobalReach – The Hanover’s solution for international business insurance – includes global coverage for:

  • Commercial property
  • Commercial liability
  • Commercial auto
  • Workers’ compensation (this is also known as foreign voluntary workers’ compensation)

In addition, GlobalReach offers business travel accident, kidnap, ransom and extortion coverage, as well as foreign travel assistance including:

  • Medical assistance, such as worldwide medical and dental referrals
  • Travel assistance, including the replacement of lost or stolen travel documents
  • Personal security services

How does global business coverage differ from domestic business coverage?

There are several examples. For instance:

  • International workers’ compensation may include additional coverage for repatriation or transportation of employees.
  • Global property coverage can include factors such as currency devaluation, or confiscation of property by local authorities.
  • An international business policy may also include coverage for events such as a medical or political evacuation.

These are just some ways your company’s risks can grow along with the scope of your foreign operations. International business insurance exists to help minimize losses in areas you may never have previously considered “at risk.” A conversation with your independent insurance agent could prove valuable in helping you determine where you may encounter these risks.

How do I get international business insurance?

Talk to your independent insurance agent today, or find an agent, and ask about Hanover GlobalReach for your business.