Export Insurance: Who Qualifies and What You Get
Learn how export insurance protects your business when exploring and expanding into new international markets.
This scheme provides financial protection for businesses that want to test or grow their presence in foreign markets.
Who it's for
This scheme is specifically designed for companies that are looking to expand their business operations into international markets. It is intended for businesses that are ready to move beyond their local domestic market and seek growth through global trade and international expansion.
What you get
When you use this scheme, you receive insurance against the failure of international market exploration. This coverage helps protect your business from the financial risks and uncertainties that often arise when a company attempts to establish a foothold or grow its presence in a new country. By providing this layer of protection, the insurance helps mitigate the risks associated with the costs and potential losses encountered during the process of entering and operating within foreign territories.
What it costs you
The cost of this insurance is not a flat fee. Instead, you will pay a premium that is calculated based on your projected export turnover. This means the amount you pay is directly linked to the scale of the international business activity you expect to generate through your expansion efforts.
The catch to know
The most important thing to remember is that you cannot apply for this insurance without a clear plan. You must be able to prove that you have a real, documented export strategy in place. The issuing body will require evidence that your move into international markets is a structured business move rather than an informal attempt.
How to apply
- Prepare a detailed business document that outlines your specific export strategy and international goals.
- Estimate your projected export turnover to help determine your expected premium costs.
- Reach out to the issuing agency to review your business plan and discuss the insurance terms.
- Submit your formal application along with the required proof of your international expansion strategy.