Insurance for Manufacturing Industry

Manufacturing businesses must make a number of people happy. Depending upon how your company is set up, you may have responsibilities to suppliers, partners, customers and end users all at the same time. Manufacturing products allows you to satisfy the needs and desires for thousands of people at once. This business is rewarding but it also carries a certain level of risk as well. Small business insurance comes in many packages that can be designed to fit your manufacturing business needs today, and grow with it into the future. It’s not another cost, it’s a wise investment that keeps your company safe from financial pitfalls.

General Liability Insurance For Manufacturers

General liability protects your company from financial problems that can arise due to customer harm. As a manufacturer you may not have customers visiting your business premises so you don’t have much to worry about with personal accidents or property damages. General liability protects you in those cases if they apply, but where it shines for manufacturers is product and advertising liability. If your company produces a product that brings harm to your customers, general liability will protect you from the resulting financial burdens. If your product advertising is found to be miss-leading or harmful in some way, general liability protects from that as well.

General liability is comprehensive coverage that expands to protect new products your business offers. It can be purchased alone or as part of a larger package known as BOP.

Business Owners Policy (BOP) For Manufacturers

Business owners insurance protects your company from a loss of assets. Whether you lose your manufacturing facility due to natural disasters or your warehouses due to a nearby train accident, BOP covers your losses. It may provide for repairs or replacement, depending upon your level of coverage and the extent of the damages.

BOP protects assets you have inside your business structures as well. The manufacturing machines may be damaged in a tornado for example, and your company will need replacements or repairs.

Specialized software or electronic that is lost due to a breakdown or computer virus is also protected. BOP will protect your company from lost income if your business is interrupted for a period of time. If need be it will also provide for temporary manufacturing or office structures while you’re waiting for repairs or replacement of your own.

Workers Compensation Insurance For Manufacturers

Your manufacturing company may have many employees amongst your business properties. As an employer, the law requires you to carry workers comp insurance. Workers comp protects each of your employees from having to pay for medical or emergency care if they acquire injuries or illnesses on the job.

Workers comp is a no fault insurance, which means your employees do not have to prove fault in order to receive these benefits.

Commercial Auto Insurance Policy For Manufacturers

If your manufacturing company provides delivery services for your products, you need commercial auto insurance coverage. Business auto insurance helps protect your company from the loss of automobiles due to accidents. It covers company vehicles such as your delivery trucks, personal vehicles that your staff uses for business purposes, and rented or loaned vehicles you are using for business as well. Commercial auto insurance pays a maximum amount per auto accident to repair or replace damaged vehicles. It also provides a level of coverage for medical coverage to your drivers or third parties who are involved in the accident.