Office Furniture Manufacturer Insurance
If you are in charge of one of the 3,470 businesses involved in the office manufacturing industry, you can look forward to seeing some growth over the next few years in this $25 billion field (Source: IBISWorld). Whether you specialize in building desks or just develop all kinds of furniture for offices, it’s imperative that you get a great office furniture manufacturer insurance policy. Here’s what it needs to cover.
Office Furniture Manufacturers Need The Following Insurance
Business Liability Insurance (GL): When you work in the manufacturing industry, you face the risk of someone being hurt at one of your factories, warehouses, or anywhere else that is considered business property. Whether you allow customers to come to your place of business frequently or simply get the occasional visitor, there’s a chance they will slip on the floor, cut themselves on equipment, or end up injured in some other way. When this occurs, you will be expected to pay for their medical treatment, unless you have general liability to pay for it instead. Another expense that only general liability will cover involves repairs for other people’s property, assuming it was damaged at your office furniture manufacturing facility.
Business Personal Property Insurance: If you expect to produce high-quality office furniture, you need to make sure your business property is always in good working order. What this means is that any vandalism needs to be fixed or cleaned up right away, as does any fire damage or other issues that may negatively affect your place of business. When you have BPP as part of your office furniture manufacturer insurance policy, you can feel reassured that any problems you have with your property will be covered. This also goes for the contents inside your property, since BPP will pay to replace them when necessary, such as after your business is burglarized.
Workers Comp Protection: No matter how many people work at your office furniture manufacturing business, you can and should protect them with workers comp as part of your business insurance policy. Adding this coverage will ensure that their medical bills are paid for if they are injured while working for you. So if they hurt themselves on the equipment they use to make furniture, or if a heavy desk falls on them, the charges they accrue from the hospital, doctor, rehabilitation, and any other treatment will be covered by workers comp. Any income they are not able to make while they heal at home will also be paid to them by this part of your office furniture manufacturer insurance policy.
Umbrella/Excess Liability: You need general liability when you operate a business of any kind, because this segment of your insurance policy will pay for the expenses that occur when someone is hurt or their personal belongings are damaged at your furniture manufacturing facility. But sometimes the minimum coverage is not enough, so you should think about adding excess liability to your policy. This is responsible for extending the liability coverage you have on your office furniture manufacturer insurance.