5 Keys to Choosing Global Coverage for Tech Companies

High-tech companies are operating in a global business environment, which can mean unprecedented opportunities as well as new and evolving risks. Tech companies that anticipate these risks can help avoid business interruptions, protect against costly expenses and grow their business in new countries with the confidence that they are properly covered.

Here are five things to look for in your global coverage:

1. Seamless coverage. An overseas car accident with one of your U.S.-based employees could turn into a major expense if the local auto insurer refuses to cover the accident based on how they apply policy exclusions in the local policy.

Travelers has controlled master program options, designed to create seamless worldwide protection for the foreign exposures of U.S.-based technology companies. Customized local policies that comply with an individual country’s insurance requirements are also available.

2. Protection at home and abroad. What if a product that you sell overseas allegedly failed to perform as intended, leading to a large fire that destroyed a customer’s commercial building in another country? Today’s global marketplace means that you need to be covered wherever you develop, make, distribute and sell products.

Travelers can provide coordinated foreign and domestic coverages to help protect your business, your employees and your customers as they cross international boundaries.

3. Single policy option in Europe. If a product injures people across a handful of European countries, it can take significant time and energy for your company to coordinate claims across different jurisdictions.

A Freedom of Service (FOS) policy can combine general liability and property coverage under one policy, covering any combination of the European Economic Area (EEA) Member States. In addition to streamlined coverage and billing, this approach can also help reduce premiums.

4. International technology expertise. As your tech company expands overseas, you’ll want to know what kind of insurance coverage you’ll need in foreign countries to make sure you’re properly protected.

Travelers International Specialists consult on product structure and risk analysis for technology companies with foreign operations or sales.

5. International Network of Insurance (INI) membership. If you’re planning new operations in different countries, you need to know that your existing coverage will apply.

Travelers is the only U.S. member of INI, a network of more than 120 insurance companies. While underwriting, claims and risk control services are provided locally, they are centrally coordinated by Travelers.

As new markets and production opportunities are available through global operations, risks related to overseas operations, sales and employee travel can be very costly for technology companies. Speak with your agent or broker about managing potential gaps in overseas coverage.