Sat. Jul 20th, 2024

4 Types of Business Insurance You Might Need Overseas

If your company operates daily in another country, you may need international commercial insurance to protect your business against claims that overwhelm your financial interests. Your business might face many kinds of risks while doing business in other countries, so you should consider buying international insurance that covers those risks.

General Liability

International commercial general liability insurance is a versatile business insurance policy that can pay for claims caused by risks you take through a permanent location overseas, such as employee bodily injury, medical payments, personal and advertising injury, and rental property damage. This type of insurance is often called business liability insurance.

Property Insurance

Foreign property insurance is a type of international liability insurance that can cover property that your business owns in another country in case of windstorm, fire, volcanic eruption, or theft. This type of insurance covers properties, buildings, products, and vehicles. Floods and earthquakes usually require specialty coverage that would not be available under your commercial property insurance policy.

Auto Liability

If you or your employees are in an accident with another car or a stationary object while normally operating overseas, automobile liability insurance can pay for medical treatment for any injuries to those outside your company.

Product Liability

Product liability insurance can cover damage or injuries caused by your products or services. If you purchase international product liability, this can cover claims by those in the countries for which they purchase the coverage. You can purchase coverage for each country to protect against lawsuits and claims from the use of your products in those countries.

Your international business insurance policy may only cover certain countries and you may need to expand coverage for risks specific to the countries in which you operate. Your insurance agent can help you determine the best coverage for your needs.