Why You Need an International Coverage Advisor
Director of International Practice
In today’s increasingly globalized economy, businesses of all sizes often find themselves working beyond the borders of the United States. As your organization expands, having an International Coverage Advisor on your side is paramount.
Why it matters
Effective communication is key to staying compliant and avoiding costly mistakes. Even small translation errors can cause big problems for companies operating internationally.
Having an international coverage advisor on your team safeguards U.S. companies working abroad. They provide global solutions for risks that standard business insurance often doesn’t cover. Since each company’s international involvement varies—from occasional overseas dealings to extensive global operations—an International Expert will craft solutions to your specific needs.
Risk managers and their insurance partners must stay updated on local laws and regulations to ensure compliance and minimize risks.
Types of Companies
Any company that is currently doing business abroad or wishes to expand overseas would likely benefit from working with an international coverage advisor. Most traditional domestic business insurance policies do not provide coverage for events that occur internationally, leaving organizations that have global business interests at risk for severe financial loss without international coverage.
To better understand the necessity of global insurance, consider these key areas: Places, People, Products.
Places
If your organization has facilities in other countries, you need comprehensive coverage and risk management tailored to those properties. International operations require specialized policies to address the unique risks associated with each location.
People
Whether you have employees in various countries or traveling overseas, it introduces new liabilities. Protecting your workforce requires a nuanced approach with coverages like kidnap & ransom, travel accident, and other specialized options that international coverage advisors can provide.
Products
Manufacturing or shipping products internationally brings its own set of challenges. Coverage such as product liability is essential to safeguard against the myriad risks involved in global trade.
As businesses continue to expand their global footprint, partnering with an international coverage advisor is not just beneficial—it’s essential. These experts provide the specialized knowledge and network needed to navigate the complexities of global insurance, ensuring your business is protected and compliant wherever it operates.
Key Takeaways
Many companies need international coverage, and they might not even know it because they don’t think of themselves as “global”. Contact Nate Troyer or your M3 Client Executive to learn more about our international practice.
