Shoe Manufacturer Insurance
The shoe manufacturing industry is a $2 billion business that is estimated to grow by a little over 1% per year within the next decade. If you want to make sure you’re prepared to see some growth in your company, you need the right shoe manufacturer insurance. Take a look at what a good policy of this kind should include.
Even if you do not plan to have customers come to your place of business like a shoe retailer might, you still need to protect your company with general liability coverage. This part of your shoe manufacturer insurance policy will pay for repairs when your business is found liable for property damage. For example, if someone drives over a nail in your parking lot and destroys the tire, general liability can cover this cost so you don’t have to.
Similarly, if someone visits your factory and is injured in any way, your business will be held liable for the medical bills. In that case, you will be glad to have general liability as part of your shoe manufacturer insurance. The same goes if a competitor claims that you have committed slander, libel, or copyright infringement, since general liability coverage will pay for your legal fees.
Business Owners (BOP)
Another type of coverage to include with your shoe manufacturer insurance is a BOP. This can cover you in a variety of situations. Most importantly, it will pay for repairs to your factory if a fire, vandalism, or any other destructive event causes damage. It will also pay to replace any inventory or equipment that is destroyed or missing due to a disaster or robbery. Other expenses that a BOP can cover include sewer and drain backup, accounts receivable, and equipment breakdown, to name a few. Clearly, having a BOP can save you a lot of money should the worst occur when it comes to your business.
If you or your employees ever need to drive for the purpose of your business, you need commercial auto coverage on your shoe manufacturer insurance policy. This will pay for any car accidents you cause when you drive for work, such as when you are delivering shoes to a retailer. Without this type of policy, you will have to pay out of pocket for any damage since your personal car insurance will not cover it.
For many factories, one of the most important coverages to have is workers comp. This pays for medical bills and lost wages if an employee loses a limb in a factory accident or simply slips and falls after mopping the floor. Either way, workers comp can cover the associated costs so that you do not have to pay out of pocket, and neither does your injured employee.
As important as general liability is, it’s not always enough to pay for the expenses that come with owning a business. That’s why you need excess liability. This portion of your shoe manufacturer insurance can pay for any lawsuits that cost more than the limits of your liability coverage.