Business Insurance for
Chocolate Manufacturer Insurance
If you’re involved in the chocolate industry, you’ll be glad to know that the National Confectioners Association predicts an increase in chocolate sales in the next five years. That might not be surprising considering that sales have already been increasing by up to four percent per year lately. If you want to ensure your business is prepared to handle the continued increase in sales, you need to get chocolate manufacturer insurance. If this type of policy sounds really specific, it’s because it needs to be in order to provide the coverage you need in this industry.
General Liability For Chocolate Manufacturers
Liability coverage is the backbone of any insurance policy. This coverage will pay for any lawsuit that arises when someone outside of your company is injured on the premises. It also kicks in when someone becomes ill as a result of eating the chocolate you made. In addition, liability will pay for a lawsuit from any competitors claiming that you have copied them or have committed slander or libel against them.
Business Owners (BOP)
Another type of coverage you need as a chocolate manufacturer is a business owner’s policy. You can customize your policy so it suits your company in particular. But in general, one of the most common coverage types pays for any necessary repairs or replacements that the building needs after being destroyed by fire, or natural disaster. This also covers theft and robbery, since it will pay for your building’s contents to be replaced when you file a claim.
Commercial Auto Coverage For Chocolate Manufacturers
If you do any traveling by vehicle for your business, you need commercial auto coverage. Whether you deliver chocolate or have employees drive a company car for any reason, any accidents that take place will not be covered by a personal auto policy. Fortunately, when you get chocolate manufacturer insurance with commercial auto coverage, it will pay for property damage or injuries caused to other parties after an accident.
Workers Comp Insurance For Chocolate Manufacturers
When you get manufacturer insurance, take note that you need it to include workers comp if you have even one employee. This is because you need to make sure any injuries your employees get on the job are paid for by your business insurance policy. Not only does workers comp pay for medical treatment, but it also covers any lost wages and long-term rehabilitation for injured employees. If you try to go without this coverage, you risk being held personally responsible for any injuries that your employees incur while working for you, which could lead to a costly lawsuit.
You never know when a lawsuit brought against you will be so expensive that your general liability limits are exceeded. The result is that you have to pay the remaining costs yourself. If you want a chance to avoid this, you need to ensure your business insurance features excess liability. This is also called umbrella coverage, and it is meant to protect you from having to pay out of pocket when you are surprised by a particularly pricey claim.