Electronic manufacturers have many different people they’re responsible to. As the owner of an electronic manufacturing company, you are required to ensure the smooth day-to-day operations of your company. You must also make sure the company is profitable, the customers are happy, the suppliers are delivering parts on time and the employees are doing their jobs properly. Managing so many aspects of your business at once can seem daunting. And without the right types of business insurance coverage it can be risky as well. Here are the important types of business insurance electronic manufacturers need.
General liability insurance is a basic, broad level of all-around risk protection for your company. It’s designed to protect you from unexpected risks, hazards and events that can arise with your customers, products and related business activities. General liability expands as your company does to ensure that you’re never without basic levels of protection.
General Liability Insurance Includes:
- Premises Liability – Premises liability insurance is part of your general liability policy that’s designed to take care of problems that arise from customers hurting themselves while at your business. If a customer is physically harmed on your business premises, your premises liability coverage can take care of paying their medical bills and expenses. This coverage also protects you from losses caused by customer property damages on your business premises.
- Products Liability – As an electronic manufacturer, there may be occasional times where something goes wrong with a product your company creates. If a defective product causes bodily injuries to a customer, or it damages their property in some way, your company is legally liable for those issues. Products liability helps pay for the injuries and damages your products cause. It also help pay for your legal defense fees, settlements and judgment awards.
- Completed Operations – Completed operations coverage protects your business from lawsuits that arise due to services you have rendered. If your electronic manufacturing company completes a contract for specialty smartphone circuit boards for example, and it is later found that damages arose due to the actions you or your employees took while completing that project, your customers may sue for damages. The completed operations coverage of your general liability insurance can pay for the damages as well as legal fees and other expenses that arise from the event.
Business Owners Policy
A business owners policy (BOP) provides you with general liability coverage in addition to tangible and intangible asset coverage. This business insurance can be tailored to meet your electronic manufacturing company’s needs so that you’re not paying for coverage you can’t use. Examples of the types of coverage you can get include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
If you or your employees drive for business purposes, business auto insurance can protect you from financial stress that comes about due to auto accidents. A business auto insurance policy can pay for bodily injuries to your drivers and their passengers. It can also pay for property damages to other vehicles and it can protect your company from uninsured motorists.
Workers Compensation Insurance
Workers comp insurance protects your employee’s. If they are ever injured in an on-the-job accident, workers compensation coverage will pay for the medical bills that arise as part of their recovery.
Commercial Umbrella Insurance
Commercial umbrella coverage provides your company with additional levels of coverage above and beyond the maximum benefit protection levels of your other business insurance policies.