If you are looking to expand your business into other countries, it is an exciting time. You will have a lot of things that you need to organise. One of the most important issues is to check that you have adequate business insurance.
Are you covered for the right areas?
Even covers that describe themselves as international may exclude certain high-risk countries (such as those in civil war) or also countries that are likely to have a very high claim threshold and litigation rate such as the USA. It is very important that you check your existing policies and ensure that you are covered for any areas that you work in, either in person or via your business activities. It's often better to slightly overestimate if you are working on expanding your business as it means you can bid for any business without any concerns about which areas you are adequately covered for.
Are you covered for the right professional areas?
Many of your policies will specify a business area or speciality that is covered by your business. Many businesses changed focus over the years of their operation and it can be hard to keep a track of the correct industry and business description of a growing and changing business. If you are not sure if your business still fits under the same business heading you initially started, it can be a good idea to get a professional review from your insurance broker.
Do you still have the right level of coverage?
If your business is growing you may need to increase the level of coverage that you have. It is a good idea to chat to your insurance broker about the size of the workforce, your annual turnover and the size of each deal. It is a good idea to also show the insurance brokers the conditions on each deal, such as requirements for insurance mentioned in the terms and conditions of different deals with clients. You also need to look into your asset base for items such as theft and accidental damage coverage.
If your business is also changing you might want to think about different types of coverage as well, such as travel coverage if your people are spending more time travelling between sites.
It is important for any business that is expanding into international markets to do a full review of their business insurance to ensure that they are still fully covered for any risks.