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Worldwide Coverage

The right insurance for when you're way out of the office

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This story appears in the August 2002 issue of Entrepreneur. Subscribe »

Doing business overseas? Don't count on your domestic policy for coverage. "There are serious gaps in domestic programs that don't cover a myriad of exposures overseas," says Bill Skapof, senior vice president at AIG WorldSource in New York City. If you're operating abroad, you need to protect your people, property and income.

For example, your domestic general and product liability policy may say it offers worldwide coverage, but in most cases, that's only if the suit is brought in the United States (even though the claim may have occurred elsewhere). "More and more, claims are not being brought back to the U.S.," says Skapof. If you're at risk of being sued in another country, you need coverage that will pick up your defense costs and cover your liability in that country.

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