What Keeps Business Owners Up At Night
U.S. businesses are becoming increasingly active in multinational commerce. According to recent data, 79% of US businesses go outside the US to sell products and provide services, and 76% of businesses with international exposure expect an increase in international operations.
Opportunities are far and wide
Among businesses with an international presence, the scope of activities is broad:
- 86% have employees who travel abroad
- 50% have permanent employee assignments outside the US
- 90% sell products or services internationally
- 70% have physical premises or facilities outside the US
- 69% have equipment located in third-party facilities overseas
Poised for expansion
Looking ahead, the trend toward international business operations is only accelerating. A striking 94% of companies plan to grow their business operations outside the US within 2 years. Many organizations are developing physical operations in new markets and expanding their global workforce.
Exposure explored
A Hartford survey examined geographic risk exposure among businesses with international operations. The results showed:
- Canada and Mexico: 85%
- Western Europe: lower percentages
- Asia Pacific, Eastern Europe, South America, Middle East, and Africa: varying levels of exposure
Notably, 68% worried that they don’t have adequate coverage for their multinational exposures.
So what keeps business owners today up at night?
Business owners with international operations expressed significant concerns across multiple areas:
- Cybersecurity threats
- Product liability
- Employee security
- Terrorism risks
- Data breaches
- Regulatory compliance
- Product loss or damage
- Political instability
Do you need multinational coverage guidance?
Despite these concerns, only 59% of business owners have contacted an insurance agent to discuss multinational coverage, while 41% have not yet addressed this critical need. All Access Insurance can help businesses navigate the complexities of multinational risk management and ensure adequate coverage is in place for international operations.