World Insurance

What Does World Insurance Mean?

World insurance is a type of commercial liability policy that provides coverage for businesses against lawsuits in multiple countries. It protects the insured business if a third party sues for property damage, bodily injury, breach of contract, and other related claims. The scope of protection is similar to what a domestic general liability insurance policy handles, but extended across the jurisdictions where the company does business. Additionally, world insurance may cover legal expenses associated with these lawsuits, offering broader protection for businesses operating internationally.

Insuranceopedia Explains World Insurance

World insurance policies are typically more expensive than regular commercial policies, primarily due to the need for the insurance company to understand and comply with the laws in multiple countries. The specialized expertise required means that not all insurance companies offer world insurance.

An alternative for companies operating internationally is purchasing separate commercial policies in each country where they do business. Some businesses also pair their underlying coverage with a commercial umbrella insurance policy to add a higher liability limit on top of it. The best option depends on the company’s specific needs, risk factors, and operational scope.