While internationalization is an important step in the growth strategy of companies, it also presents new challenges: as soon as they establish themselves in the new territory, they are subject to the country’s regulations: legal obligations differ from one place to another, and therefore it is necessary to adapt to several different legislations.
In this scenario, one of the main concerns of managers is to control the risks to which the company is exposed to ensure its operation and, above all, its long-term survival. To do this, they end up hiring insurance that often ends up not being adequate to their culture and/or geographical location, for example.
Depending on the size and complexity of the company, the coverage taken out in the various international locations where it is present may differ significantly from the home country coverage. Another country means another language, but also different insurance market practices and legal requirements. It is in this context that the Global Insurance Program emerged.
If a US company has a subsidiary in Brazil, for example, should it take out its own insurance or should the parent company’s coverage be extended to the subsidiary? In the latter case, the company can opt to be part of a Global Insurance Program. Thus, coverage will be developed from the United States for the entire group and a policy will be issued for the subsidiary’s country.
The differential of this type of coverage is that the specific needs and legal requirements of each country are respected. It is worth noting that it is not always possible to assign a team to study the regulations of the subsidiary’s country. Through a technical and experienced team, the Global Insurance Program offers peace of mind to perform the company’s activities, focusing on the core business, and avoiding exposure to risks.
By choosing to be part of a Global Insurance Program, specialists work out the best strategy for your company and come up with a global solution according to your requirements. This is, therefore, the ideal solution for those who are seeking the internationalization of their business.
Pryor Global, attentive to the news in the insurance market, can support its clients with the possibility of participating in a Global Insurance Program. Therefore, multinational companies can count on security to operate in other countries, with the support of teams with expertise in the different legislations.
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