Businesses Today Need Multinational Insurance Solutions
Does your business operate solely inside the borders of the United States? If so, you are in the minority today. According to recent studies, 79% of US businesses go outside of our borders to sell products and provide services, and 76% expect their international activities to increase.
If you go outside of the US, your international business activities likely include some of the following:
- 86% have employees who travel abroad for business
- 50% maintain permanent staff assignments outside the US
- 90% sell products internationally, including online sales
- 70% own or lease physical premises outside the US
- 69% have equipment located at third-party facilities abroad
Expansion Plans
94% of companies plan to expand outside the US in the next 2 years. Even among companies without current international operations, 69% plan to develop them. The top geographic destinations for expansion include:
- Canada/Mexico – 85%
- Europe – 60%
- Southeast Asia – 30%
- South America – 29%
- Central America/Caribbean – 26%
- Central Asia – 19%
- Australia – 16%
- Africa – 5%
Insurance Concerns for Multinational Operations
68% of all business owners worried that they do not have adequate insurance to cover their international operations. Their top concerns include:
- Cybersecurity threats and data protection
- Product liability across different jurisdictions
- Employee safety while working abroad
- Terrorism risks in certain regions
- Data breaches and privacy compliance
- International regulatory compliance
- Product loss or damage during transit
- Political instability in operating regions
Hartford Global Solutions
If your business operates internationally or plans to expand abroad, it is critical to ensure you have proper multinational insurance coverage. Hartford Global Solutions offers comprehensive coverage designed specifically for businesses with international operations.
Contact our office to learn more about how we can help protect your multinational business with the right insurance solutions. We will work with you to assess your international risks and find the coverage that fits your needs.
Rick Cline
All Access Insurance