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Does my business need international business insurance?

On Behalf of | Dec 21, 2023 | Comprehensive Business Law

As a business owner, you know that your company faces many risks in your daily operations. There is no accurate way to predict what will happen during your interactions with foreign companies, and it is beneficial to know how to protect your interests during these potentially risky transactions. One way you can shield the interests of your business is through international business insurance. 

In a global economy, you have to be prepared to do business beyond the borders of your state and outside of the United States. If you are doing business outside of the U.S., it is essential that your insurance provides you with the legal and financial protection you need. Failure to have adequate insurance coverage will expose your business to the potential for financial loss and other complications. 

The benefits of international coverage 

The specific type of international coverage you need depends on the type of business your company is doing and your potential for loss in case of an incident. You may be facing risks you have not yet considered, which is why it is important to have experienced guidance as you consider your insurance needs. Different types of international insurance include: 

  • Ocean cargo insurance — This provides coverage in case your company’s goods are lost in transport over the ocean, as well as coverage for crew and employees that may be on board. 
  • Global executive support services — This type of coverage can assist with a range of needs while traveling or while abroad, including emergency legal needs, unexpected emergencies and more. 
  • Kidnap and ransom insurance — As you may assume, this coverage will provide protection in the event of kidnapping. It is likely only necessary if you are operating in certain high-risk countries and areas. 
  • Foreign voluntary insurance — This type of insurance provides coverage in the event that company employees become ill or suffer an injury while working abroad, as well as assistance with transportation back to the United States. 

If you are unsure of what type of insurance coverage your business needs, you will benefit from an assessment of your company, your operation and other details. It is important to move quickly to ensure that you have the proper support that will be necessary in the event that your New York business faces unexpected challenges while operating in other countries. 


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