Global Insurance for Technology and Life Sciences
Protect your business domestically and internationally with Global Companion℠ Plus+
Global insurance coverage for technology and life sciences companies not only shields your assets and operations but also provides essential protection for your employees, property and activities worldwide.
Ensuring adequate coverage for your business abroad can be complex. That’s why it’s crucial to work with an insurance partner that has extensive global underwriting expertise. At Travelers, the Global Companion℠ Plus+ package combines property and liability coverage into a single, streamlined solution, offering protection for your business both at home and overseas.
Who is Global Companion℠ Plus+ right for?
Most technology and life sciences companies have global exposures, whether they realize it or not. This may include employees who travel internationally, products sold outside of the U.S. and Canada, and the purchasing of goods, services or materials abroad.
The following scenarios offer examples of different types of risk exposures faced by technology and life sciences companies where global coverage may help.
Global foreign voluntary workers compensation
An engineer hired in Colorado travels to the U.K. for a short-term assignment. Complications at the site extended the job beyond its original time frame. Seven months into the project, the engineer is electrocuted at the job site.
Foreign property – physical damage
Office equipment is damaged at the insured’s office in Belgium when smoke from a fire in another tenant’s office above filters through the ceiling.
International business travel accidental death and dismemberment (AD&D)
While temporarily working in Singapore, the named insured’s U.S.-based employee is fatally injured while riding in a taxi on his way to visit a client.
Global Companion℠ Plus+ advantages
Traditional domestic insurance policies stop short of providing adequate coverage for companies with a global footprint. Global Companion℠ Plus+ simplifies dealing with claims in countries with different laws, customs and languages. Consider these advantages.
Travelers offers a full line of global insurance coverage and services, including general liability, property, auto, foreign voluntary workers compensation, employers liability, accidental death and dismemberment, and kidnap and ransom. Integrating these coverages provides robust protection and helps manage your insurance needs more efficiently, giving you confidence you’re protected as you navigate the complexities of international operations.
Workers stationed internationally may not have the same degree of insurance protection in foreign countries as they would in the United States. Global Companion℠ Plus+ can be customized to include workers compensation or commercial auto insurance and other coverages to provide insurance protection for an accident or injury suffered abroad, just as if it had occurred on domestic soil.
Splitting domestic and foreign general liability policies between carriers could create a gap in coverage. Bundling domestic and global coverage with the same carrier helps ensure consistency and address certain gaps. With U.S. Global Companion℠ Plus+, Travelers offers coordinated foreign and domestic coverage to protect your business, employees and customers as they operate internationally.
U.S. Global Companion℠ Plus+ is non-admitted. While it provides coverage, it is not equivalent to a local admitted policy. For example, auto insurance in France needs to be placed with a local French company.
A controlled master program is tailored for companies that have established operations abroad, own property in another country or require local policies to comply with an individual country’s statutory insurance requirements.
The combination of Global Companion℠ Plus+ with local coverage offers controlled master program options to help create effective worldwide protection for the foreign exposures of U.S.-based technology and life sciences companies.
Travelers is an International Network of Insurance (INI) member, a network of experienced local carriers and platforms in over 150 countries that helps clients manage their global insurance needs. This network provides coordinated delivery via a single point of contact while having relevant, in-market knowledge of compliance and coverage issues in each country.
Global Companion℠ Plus+ includes executive support services that provide technology and life sciences companies with access to medical, personal and travel assistance services for employees engaged in temporary travel overseas. Many of these services are also available to the employee’s accompanying spouse, children or other travel companions.
Safeguard your innovations: Consult your insurance agent today.
In today’s interconnected world, ensuring that your technology and life sciences business is protected both at home and abroad is crucial. Global Companion℠ Plus+ combines property and liability coverage that offers the robust protection you need.
Don’t leave your business vulnerable – reach out to your insurance agent or a Travelers representative to learn more about tailored global insurance options that safeguard your operations and assets worldwide. Protect your future and focus on what you do best!
Transforming today’s supply chains
Almost every technology company today is vulnerable to supply chain disruptions. If you are implementing advanced technologies to address supply chain inefficiencies, consider the importance of understanding and planning for the associated risks.
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Supply chain disruptions continue to impact today’s technology companies.
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Global shortages of critical materials and components have exposed supply chain weaknesses and accelerated the adoption of advanced technologies, such as additive manufacturing, automated facilities, drones and digitization.
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These solutions can transform supply chain management, reducing inefficiencies and increasing speed to market. Successfully integrating them into your operations requires a plan to address potential risks.
If you are turning to additive manufacturing to create products faster, consider developing a robust product testing program to minimize product defects.
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Automated facilities, drones and tracking devices call for implementing proper safety protocols designed to reduce risks.
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Real-time, end-to-end visibility requires digitizing your supply chain ecosystem and incorporating the necessary IT security measures to protect the data generated across your interconnected global networks.
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As you grow your global operations, you may find yourself vulnerable to supply chain disruptions. Including insurance is an important asset in managing risk.
Ask your agent or a Travelers representative about Travelers’ Global CompanionSM Plus+ policy for global coverage solutions and more.
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Learn more ways to cover your global risks. Visit travelers.com/global
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