Depending on the kind of business venture or the nature of the business being entered into, it is, these days, making more sense for entrepreneurs and new start-ups to take their business global. The potential for market outreach is potentially a lot more formidable than on local levels. But it can also be quite overwhelming for the first-time entrepreneur, particularly if he or she has not done the required research and development to get the business up and running and realizing at least a modest but healthy income earning status.
But on this global level, a number of challenges could be encountered. Needless to say, these are not insurmountable and there are always valid, legitimate, appropriate and legal solutions. One of the challenges for new business developers venturing into global markets is that of having to deal with a complex batch of trade and financial regulations. And it is also necessary for the startup engineer to apply his or her mind to working with a wholesale international insurance broker with the obvious benefit of being covered under any (global) conditions.
In terms of the standard (insurance) rules of cover and claiming for (potential) losses and/or damages may not apply in other areas of the world as it would for the small to medium sized business under (familiar) local conditions. Insurance documentation and claims procedures need to be studied and vetted as closely as possible. And it makes sense to allow a wholesale international broker to represent the business concern.
That representative is expected to have an expert or sound knowledge of how international short to long term insurance markets operate and how to respond to these. So, if this is your preoccupation, it should be good to know that insurance broking has also gone global.