In this global world, many businesses are not only international; they have become transnational. Their business is not only done across nations; they have become entities that are not confined to a single nation. Their executives and staff continuously move among different countries because their offices and facilities are too many for a single nation to contain. All transnational companies rely on assets, resources and systems that are also utilizable transnationally. They include insurance. Transnational companies that have purchased general liability insurance in their home country should begin to think about buying similar insurance that offers international liability coverage.
What Is International General Liability Insurance?
International general liability insurance is similar to general liability insurance, except that the former’s coverage is extended to all countries instead of being confined to a single country. Businesses are already aware of how important general liability insurance is. If they have become so transnational that their business is done everywhere in the world, they will mostly be aware of how important the international version of such insurance is. A lawsuit following negligence can be filed anywhere on this earth. This is the reason why general liability insurance policy that can counter the loss and the damage caused by such lawsuit is considered necessary.
What Does It Cover?
International general liability insurance provides the same coverage with that of regular general liability insurance. The most basic coverage it provides is coverage for financial loss resulting from bodily injury and property damage. If a third party is injured because of the insured party’s negligence, the insurance will provide coverage to the settlement of the claim. If a lawsuit is filed by the injured party, the insurance will also provide financial coverage to cover the expenses of the insured party’s legal defense.
More comprehensive international general liability insurance policy also covers financial loss resulted from advertising injury. Defamation, libel and slander may warrant a settlement through a lawsuit. Any expenses the insured party has to make will be covered by this policy.
There is also a comprehensive policy that ensures that the insured party’s reputation will not be injured. The injured third party is mostly an important person for the insured party. They can be a client, a customer, a guest, or anyone who is important for the insured party’s business. Sometimes, the injured party may not file a lawsuit to reach a settlement; however, the insured party can still provide them with funding to afford their medical treatment. This kind of funding may also be covered by the insurance.
How to Buy International General Liability Insurance
There are four steps that can be taken to buy this insurance.
Companies that are going to buy this insurance can visit an online international general liability insurance hub—a website—that is affiliated to all insurance carriers that can provide them with this insurance.
On the website that they visit, they can submit information about the details of their business so that the website can provide them with quotes that have been tailored to their business needs.
After getting the quotes, they can start comparing them to choose the best carrier that provides the best offer.
After they find the best quote, they check the policy and buy it.