There are some types of commercial insurance coverage that all businesses are going to need such as general liability and workers’ compensation. However, there can be needs that are specific to your industry and how you operate. Examples of these are businesses that need fleet insurance or that work in biotech.
Something that will also have an enormous effect on your policy needs is whether you require coverage in just one area and country, or if you are going to need worldwide insurance. Companies that operate overseas need to be protected in situations that a typical insurance agency may not even think about.
As noted in Moody Insurance Worldwide, some of the situations that need to be considered, depending on where you are operating are kidnapping, wrongful detention, political evacuation, travel accidents, and political risks. The benefits that your employees need while overseas may also be different than those at home. Given the often delicate nature of doing business in another culture, proper worldwide insurance coverage is a must.
Work With an Expert
This is an area where working with a professional is a worthwhile investment over trying to figure your needs out on your own. If your insurance provider isn’t an expert in providing international coverage, you may want to have a consultation with one that is and make sure that your business is prepared for any eventuality.