How can I get insurance for the global playing field?
You see, global economy might affect companies everywhere. Insurance companies usually raise premiums when there is a sudden economical change in the world. This should include the effects of the “Asian flu”.
Did you ever consider purchasing a special type of policy that will adequately and properly protect your business from suffering when the economy changes?
You can try by purchasing a multinational business policy. It bridges any gaps in a local insurance policy and provides excellent coverage. This is what typical multinational business policy includes:
- “Differences in Conditions” provision: This should usually fill in the gaps that a local insurance policy has.
- “Differences in Limits” provision: When your local policy has reached its limits, this provision will kick in.
- Product liability: This will protect you from any suits that are brought against you in foreign countries.
A multinational business policy also includes coverage for traveling employees. Here’s what type of coverage this policy will provide:
- Repatriation expenses
- Business personal property
- Liability (this will cover both the company and the employee)
- Extended workers compensation coverage
If you are wondering that this does relate to travel insurance, you are right. It will provide similar coverage to travel insurance, except this one is stronger and is for business.
Gary Grindel, chief underwriting officer for Travelers’ international division says, “The Travelers World Cover policy would be most appropriate on a stand-alone basis for companies who have more incidental exposures in foreign countries.”
Where can you get such a policy? Try Travelers World Cover, CIGNA, Zurich and Chubb. Keep in mind that policies will vary according to the company. Shop around for a policy and see which one will suit you best.