Don't Sail Away, Get Protected
With companies continually expanding into the global sector, if you’re not selling internationally, chances are you rely upon a global supply chain. Whether you’re sourcing material overseas or selling to a foreign market, your manufacturing business can be impacted by events taking place halfway across the world.
Moving manufactured goods or property from one country to another can involve several forms of transportation. A container can be put on a truck, sent on a steamship, shipped by rail and then put on an airplane all before it reaches its final destination. Without specialized insurance coverage, your supply and distribution can be left entirely unprotected.
By either selling to, or operating in, a foreign country, you can be subject to complaints filed against you in foreign courts. Most insurance policies purchased in the United States wouldn’t offer coverage in such circumstances. This means it’s up to you to find local legal expertise, translate documents, convert currency and pay travel costs when you need to appear in person.
Whether you’re moving supplies, selling goods or opening a location in a foreign country, you need to be aware of what insurance is necessary, but also what would best protect your interests. Even small events can incur huge expenses when they happen 5,000 miles away.
Contact an Assurance ‘A’ Team member for more information.
ABOUT THE AUTHOR