Worldwide Coverage
Candlefocus EditorCertain limitations should be taken into account when applying for worldwide coverage, as some policies are only valid for a certain timeframe and need to be renewed periodically. Furthermore, the document detailing out the policies, as well as the premiums associated, are calculated depending on the nature of the goods and assets being covered. Worldwide coverage usually applies primarily to personal property and the obstruction of business. In the United States, most worker’s compensation, commercial auto, and general liability coverage will include the US, Canada, and Puerto Rico.
Business that operate internationally may benefit from investing in a worldwide coverage policy in order to ensure the costs of overseas assets are fully protected in the event of a covered incident. In addition to goods, assets, and properties coverage, worldwide protection may be beneficial for businesses that regularly travel overseas for work-related reasons. This type of insurance covers things such as theft, medical expenses, loss of items, and legal aid when outside of the country, which can help provide a layer of protection for individuals in the case of a situations beyond their control.
Worldwide coverage is an attractive form of insurance for those who wish to provide a secure environment for their goods or need a sense of security while travelling abroad. Companies are increasingly opting for this form of insurance as they recognize the value of it being able to protect their goods and employees no matter where they are in the world.