Global Insurance Solutions
Providing peace of mind around the world
What is Global Insurance?
A quick internet search will provide you a whole list of companies and brokers who provide “global insurance”, but that’s nothing more than a fancy way of saying they offer most insurance services your business would need. Most agents and brokers fall into this category which means there is nothing special about that at all.
Here at BB Insurance, global insurance means what you hope it would - coverage for both domestic and foreign operations. If you do business outside of the US, you need a different approach to your insurance needs to ensure you’re covered. What you have here at home may not be covered when dealing with outside entities or products. That’s where our team can help make sure you’re covered.
You may never have plans to do business outside of the country, but if you source products internationally, you may need special attention to your coverage because the run of mill domestic policies may not cover you. Global policies help protect you against potential problems with foregin entities.
What Does My Policy Cover?
Most policies will cover you for the basics such as workplace or product standards that could impact your business. Since we have no control over the laws and regulations in foreign countries, the only way to protect ourselves is by having insurance to cover the unknown. In addition to people and products, global policies will help if you’re selling to foreign entities since your domestic policies may stop covering you after you or your products cross out of the border.
With our headquarters based in Northern Virginia, we work closely with many government entities and contractors who do business outside of the country. We have the experience you need to limit the risk to your business. We are proficient in the defense base act insurance policies and know what you need when you or your employees are traveling overseas for business.
Risks Only Increase the Further You Are From Home
Global kidnapping and ransoms have steadily been on the rise (12%-15% annually), but most instances are never reported because these are simple transactions for the criminals with little intent to actually harm anyone involved. That’s because companies doing business overseas have the proper insurance to handle these situations quickly and efficiently. The average global kidnapping lasts two weeks and costs $500,000. Without insurance, would your company be capable of paying?
Schedule a call to find out how we can help
BB Insurance Has You Covered Around the World
We are passionate about serving those who serve our interests overseas, and that’s why we focus on ensuring you and your business are covered wherever your business may take you. This is not an area that you want to take lightly when it comes to insurance because the nuances matter more so than they do with domestic policies. Not every broker is knowledgeable in this area, but BB Insurance is an expert in providing global solutions. We are experienced in Federal Acquisition Regulations which are the blueprint for liability coverage when working with the federal government.
FAQ
Do I need a global insurance solution if I buy or produce products overseas?
Generally speaking for simple product focused businesses, probably not, but there are foreign product exclusions on many insurance policies. It depends on what you’re producing or selling and the country/business you’re working with. That said, there is no way to answer that question sufficiently without knowing everything about your business. The safe bet is to give us a call to find out
Occasionally, my team and I will travel overseas for business. Should I get coverage?
This is another tricky area that doesn’t have a blanket answer, and it depends on your comfort when it comes to risk. If this is something that regularly occurs, you should look into the most basic of policies just in case something happens that won’t be covered by your general policies. Where you’re traveling to also plays a big factor into this consideration. Give us a call to find out if this makes sense for you.
Should I get a local insurance provider for overseas assets?
Yes. Insurance policies that we write will cover your US based assets when interacting with or traveling overseas. For property and people who may be local to an international part of your operation, you’ll need additional insurance that is best covered by someone who knows the laws and regulations for that country.