The Travelers Companies has rolled out Global Companion Plus+, which builds upon its property and casualty offerings for US firms with foreign exposures.
The new product offers protection for employees who are employed outside of their home countries by providing Primary Foreign Voluntary Workers Compensation.
It also offers an additional $1m limit for US based companies as an extra layer of protection when an eligible foreign subsidiary suffers a covered loss.
Additionally, Global Companion Plus+ offers global panel counsel service to help businesses in need of legal assistance abroad find in-country representative with experience in local regulations and languages.
Emergency evacuation coverage is also provided by the company to offset the cost of employees who evacuate while abroad. This includes coverage for natural disasters, political unrest and endemic disease.
Travelers vice-president of the Multinational Accounts Practice Tony Giannone said: “Even if a business does not have a physical foreign footprint, having international customers, worldwide vendors or employees who occasionally travel to different countries could create exposures that may not be covered by a typical domestic business insurance policy.
“We have updated our Global Companion Plus+ product to include a more robust offering that fills coverage gaps for our customers who could experience claims or lawsuits outside of the US.”
Travelers is offering global coverage as part of its strategic alliances in the International Network of Insurance (INI). The network consists of major international insurance companies from over 150 countries.
As the INI’s exclusive US insurer, Travelers can provide customers access to experts in the space of local laws, regulations, customs and services globally.
This includes specialised local claim professionals coordinated through Travelers’ Global Claim team.
Earlier this week, Travelers won a business interruption lawsuit filed in Mississippi, the US.