An example of a foreign insurance policy we recently wrote was for a company that had been subcontracted by a larger corporation to do work in South America. In short, the larger company did not want to send their employees on international travel so they subcontracted it to my client. They did however require the subcontracted company, our insured, to carry General Liability limits of $1,000,000 per occurrence and $2,000,000 aggregate, which is not uncommon. Sometimes they may even require more coverage.
Another coverage option when looking at International Insurance Policies or Foreign Insurance Policies is Kidnap and Ransom Insurance. Some people don't want to think about this coverage, but it's worth exploring when getting a Foreign Insurance Policy.
Believe it or not, in some cases, the application process can be quite easy for these policies. If you are currently doing work outside the country, please make sure to call your agent or insurance company to let them know. If you have any questions regarding your insurance policy, let me know. I am here to help you navigate the waters of Business Insurance in Austin, TX.
Business Insurance Agent