No matter what part of the globe you choose to do or expand your business in, you won’t have to worry about a thing if you know about the Foreign Liability Insurance.
Foreign trade has become increasingly important to our economy in recent years. Opening foreign markets to U.S. products and services is extremely important in terms of sustaining America’s economy. If doing business abroad is part of your company’s growth strategy, understanding the scope of insurance available for international business is critical to protecting corporate assets.
Standard U.S. business insurance policies do not cover many of the claims or losses that occur outside the U.S. and those that do provide worldwide coverage typically only cover suits brought in the U.S. The good news is that there are numerous specialized insurance coverages available for companies conducting international business that are specifically designed to provide global protection.
Foreign liability insurance, for most U.S.-based companies, covers far different risks from the legal exposures they face on their home soil. When companies venture into foreign countries to do business, they can encounter countless unfamiliar laws, languages and/or customs. Foreign liability insurance coverage is the first line of defense against costly legal actions arising from events occurring outside U.S. borders, including but not limited to the following:
When your company manufactures and distributes products outside of the U.S., foreign liability insurance will protect your company in the event an employee faces foreign lawsuit or injury. It will also protect assets that may become seized, allow for the continuation of future foreign business, and may allow foreign judgments to be satisfied in the U.S.
When your company rents offices or runs meetings, demonstrations or tradeshows in foreign countries, purchasing foreign liability insurance protects for damages or injuries arising from such operations.
When any of your employees temporarily work in a foreign territory and face injury or death, need immediate medical attention, or request emergency evacuation.
When employees, in a foreign country, need emergency travel services in the case of language barriers or political, medical or legal problems.
When any of your company employees operates a vehicle outside of the U.S.
When employees face the potential of kidnap and/or extortion.
If you sell products in foreign countries, if your employees travel/work overseas, or if you have locations outside the U.S., you need foreign liability insurance. One of our Elite Insurance Solutions agents will be able to help you determine whether or not foreign liability insurance coverage is necessary for your particular company. Contact us to request a quote.