Business owners are faced with the globalization of the economy in which they must compete. It is one thing to compete in your local neighborhoods, cities, or even regional territories, but it is quite another thing to be competing on an international basis.
International laws and regulations have a direct impact upon your overhead costs as well as the overall cost of your insurance program. Almost all US based insurance carriers that are offering general liability insurance for the small business owner will not provide coverage to defend you within another country. If the other country sues you within the USA then the standard market carrier will provide a defense. Depending upon the type of international business that you are doing it might be prudent to endorse your general liability insurance policy to provide coverage for defense on an international basis with specific foreign countries.
Besides the general liability defense in foreign countries, we need to verify that you have products coverage if you are selling your products on an international basis. Finally, any personnel that is traveling or reside within foreign countries needs to have the appropriate workers compensation and/or employee medical insurance in place.
Sometimes the USA domestic market for insurance can be endorsed to provide coverage in another country but more often than not, you might be required to purchase your Worker’s Compensation and/or employee benefits locally in the country you are working in.
Please consult with your Homewell agent about your International Exposures.