Business owners understand how important it is to have adequate insurance to protect against any catastrophe. The manufacturing environment is especially vulnerable to a number of risks because of the nature of the operations. Working with or around heavy equipment and sharp objects increases the likelihood of injuries, property damage and liability.
Insurance for Manufacturers
Because of the unique risks inherent in the manufacturing environment, it’s wise for business owners to invest in a manufacturers’ insurance policy. Since no two operations are alike, it is critical to discuss your concerns with your insurance agent so that you find the best coverage for your specific situation.
Most packages include some form of the following types of coverage:
- Commercial Property – If your building, equipment or other property is damaged, commercial property insurance protects your investment.
- General Liability – While performing their work duties, an employee may cause damage or injury to a third party. With this coverage, your company and your employee are protected.
- Workers’ Compensation – Most states require this protection for employees who are injured while working. The insurance helps cover lost wages and medical costs.
- Product Liability – This insurance helps to pay legal fees and settlements if a claim is filed against a product you manufacture.
Because manufacturers face many unique risks, it’s important to get the right coverage to protect your company.