No matter what industry you’re in, there are risks involved with owning a business. Regardless of what you manufacture, it’s crucial that you have an insurance policy that protects you against any claims that might arise.
When you work in manufacturing, it's crucial to protect your employees, customers, and business as a whole. Claims against your manufacturing business, especially if you don’t have insurance, can cause you to lose your business — and even lose your lifestyle.
Manufacturers insurance allows you to have peace of mind when it comes to your business since it covers a range of potential issues.
Property liability is one of the most important types of coverage for a manufacturing business like yours. No matter what you manufacture, losing your facility, or even experiencing damage to your property, can hurt your business immensely. That’s why property liability is crucial.
In addition, you should also have commercial auto coverage for your manufacturing business. This is similar to your personal vehicle insurance but covers your company vehicle.
What about some types of insurance coverage that are specific to manufacturing?
Product recall insurance is one of the most important kinds of coverage you can have as a manufacturer. Although you can never plan for a product recall, it’s important that you’re prepared for the worst. Product recall insurance protects your business in the case of a recall on one of your products. Typically, this would cause you to lose a significant chunk of your profit, but that’s where your insurance coverage can help.
Manufacturing errors insurance is also important since it can help safeguard against any errors or omissions in your production.
It’s also important to consider equipment breakdown insurance. Consider what would happen if one of your most important pieces of equipment stopped working with no warning. This can cause a huge delay in production, which means a loss of income. That’s where your equipment breakdown coverage comes in.
If you’re interested in any or all of the manufacturing insurance protections mentioned above, be sure to contact today. We can help you have the peace of mind you need when it comes to owning a manufacturing business. You’ll no longer have to worry about the what-ifs, but rather, can concentrate on the now. Focus on giving your customers the best products possible without worrying about liabilities. Contact today for more information about our coverages.