Any business that goes abroad.
Mind the Gap
Domestic insurance does not adequately respond to risks your business faces when traveling or operating outside of the country. Failure to fully evaluate your international insurance needs could result in unexpected and costly gaps in coverage.
Besides the typical liability risks inherent to doing business overseas, the current unrest in many parts of the world adds a higher burden to what you may be accountable for.
U.S. Warns Americans Working Overseas at ‘High Risk’
According to news sources, the U.S. State Department has recently warned Americans traveling in Asia, Africa, parts of Europe and the Middle East concerning possible terrorist attacks. With kidnappings on the rise by ISIS, Al Qaeda and other radical groups, Americans traveling overseas are urged to be on high alert.
Who Needs International Package Insurance?
Almost every business needs international insurance when they travel or sell products outside of the U.S. Typical businesses that purchase coverage include manufacturers, engineering firms, architects, lawyers, construction, financial institutions, consultants, retail stores, healthcare providers and technology companies.
Identifying your Overseas Risk
Does your business…
- Attend international events?
- Have employees or volunteers who travel abroad?
- Have employees/volunteers permanently working abroad?
- Sponsor trips, tours or educational programs overseas?
- Export products or sell via the internet?
- Have foreign licensees that distribute your product?
- Have international operations or offices?
- Provide professional services outside the U.S.?
- Perform work on U.S. Military bases overseas?
If you answer yes to any of these questions, you have an international exposure!
What is International Insurance?
It’s one policy with many lines of coverage intended to protect your business and employees while traveling or working outside of the country.
Protect employees, business owners and independent contractors:
- Executive Assistance Services: This is where you turn when you need help. Worldwide network of emergency response professionals available to respond 24 hours, 7 days a week, 365 days a year to any urgent medical or travel needs. Covered services include medical flights, repatriation, and emergency document replacement.
- Employers Responsibility: Voluntary workers compensation benefits for injury or illness sustained while working. Pays for things like medical bills and lost wages necessary to make your employee whole.
- Accident & Health: Medical Benefits for injury or illness sustained outside of the scope of work. Pays for things like emergency room visits, doctor’s appointments and x-rays.
- Political and Natural Disaster Evacuation: Get out of harm’s way before it arrives. Pays for the relocation and repatriation of employees in the event of a political or natural disaster.
- Kidnap & Extortion: Provides and pays the cost of emergency response services of a kidnap or extortion event. Reimburses for the payment of ransom or other expenses.
- Personal Property: Covers loss or damage to your business’s personal property or property in transit.
- Contingent Automobile: Contingent coverage for automobile accidents while using, hiring or maintaining vehicles abroad. Pays for things like defense cost, expenses and damages you are legally obligated to pay.
- Product Liability: Provides coverage for third party bodily injury or property damage caused by your products. Responds to suits brought anywhere in the world for losses that occur outside the U.S.
Protect yourself or your business
US judo champion, Stephanie Inglis was on a global sports tour representing her country when she was seriously injured. Today, she lies in a Vietnamese hospital. Although in critical condition the medical center refused to provide adequate care for her unless her parents accepted all liability. Although Stephanie had taken out international insurance, the policy expired in compliance with a small print clause that, unbeknownst to her, stipulated coverage would be valid up to thirty-one days in a single country. Stephanie’s injury occurred after her policy had been voided.
Doing business overseas can be quite profitable. Talk to an experienced independent insurance agency to discuss your options so it remains that way.
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