Definition - What does World Insurance mean?
World insurance is a type of commercial liability policy that covers businesses from lawsuits in multiple countries. It covers the insured business in case a third party sues them for property damage, causing bodily harm to another person, breaking a contract, and so on. World insurance may also cover legal expenses for these lawsuits.
Insuranceopedia explains World Insurance
World insurance policies are more expensive than regular commercial policies, particularly because they require the insurance company to be familiar with the laws in multiple countries. Because of the needed specialized expertise, not all insurance companies offer world insurance.
Another insurance alternative for companies that work internationally is buying a commercial policy in every country in which they do business. The right choice depends on the company's specific situation.
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