Insurance for Textile Manufacturers
Textile manufacturers generally create products to sell to retail establishments and outlet stores. Some textile manufacturers provide their goods one step before that instead, and supply textiles to other manufacturers who then use them to make clothing, household furnishings and other goods. As the owner of a textile manufacturing company, you have a lot of day to day details to keep track of. Customer orders, payments and deliveries, employee schedules, etc. Don’t put your company at risk by skimping on the right types of business insurance. This protection can make a lot of your daily stress go away.
General liability insurance is designed to protect your company from suffering financially when things go wrong. If accidents happen or lawsuits arise and you are not protected, you may have to pay large amounts of money directly out of your business funds. Your company may not be capable of handling some of the potential risks alone. General liability can protect you by providing a broad level of all-around protection for potential hazards and risks. It grows with your company as well, so that you don’t have to worry about new products or new business locations being unprotected.
General Liability Insurance Includes:
- Premises Liability – Premises liability is general accident insurance, specifically focused on your customers. If a customers is at your business location there is always the slight chance that they may injure themselves and require medical care. Premises liability pays the medical care bills and related expenses. Sometimes accidents happen to your customer’s personal property instead, and premises liability can pay for the repair costs that result.
- Products Liability – When you manufacture products, there is always the slight risk that something will go wrong. Some product defects can bring harm to customers, or cause damages to their personal property. If the product defects are not discovered until after harm or damages occur, your products liability can help by paying for the medical expenses and the property repair bills.
- Completed Operations – Completed operations is business insurance for services that you render. Like the products liability coverage, the operations that you complete according to contract for your customers may later be found to have created harm or damages. When claims of this sort arise, your completed operations coverage can pay the medical bills and damages. It can also provide for your legal defense fees if applicable.
Business Owners Policy
A business owners policy (BOP) is another level of business insurance that focuses on providing protection for your tangible and intangible textile manufacturing assets. This coverage includes the general liability insurance protection, while allowing you to add just the additional levels of coverage you need. Some of the ways a BOP can protect your company assets include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Auto accidents – whether involving passenger cars, business delivery vans or cargo trucks – can be quite expensive and difficult to recover from financially. A business auto insurance policy can protect you by providing coverage for property damages and bodily injuries caused in an accident. This insurance can also protect you from cargo losses, theft, fire and other potential hazards if you so choose.
Workers comp insurance is protection for your textile manufacturing employees. If one of them is ever injured while performing their job duties, workers comp will pay for the medical bills that arise from that injury.
A commercial umbrella policy provides you with additional levels of business insurance above your current policy limitations.