If you are like a majority of our clients, then you are probably looking for creative ways to expand your product offering and revenue streams. One of the first places smart organizations start is to stay inside of their core competency, but expand their sales strategy abroad. While there are huge potentials and opportunities in expanding to other markets, there are certainly risks associated with this as well. Not only are there hazard & strategic risks, but the business risk and insurance coverages necessary are very complex. Here are some questions to discuss with your trusted insurance advisor:
– How can we craft our message to be culturally relevant in this new market?
– Will we hire employees, outsource or hire contract labor?
– Will we have ‘boots on the ground’ or will we have a virtual sales team?
– What are the insurance, legal & tax implications in expanding to different markets?
– If we expand our sales team, what liabilities do we assume?
– What types of insurance coverages are necessary to make sure that we are protected?
– Will our local teams be traveling abroad? What do we need to be aware of with international travel?
– Will we need to update our website?
– Will our team work from home?
– What are the core risks that you need to address with this strategy?
Regardless of the move forward strategy, make sure that you discuss everything with your trusted insurance & risk management advisor BEFORE you make decisions. This could end up saving you a lot of headache, time, resource and money!
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