Manufacturing Insurance Information
The manufacturing industry is consistently ranked among the most dangerous across the United States. These businesses often include significant risks and perils even amid ordinary tasks and operations. Unfortunately, accidents, errors and other incidents may be inevitable regardless of how experienced, diligent or responsible your company may be, making adequate loss control measures, such as manufacturers insurance, essential.
What Is Manufacturers Insurance?
As an employer in the manufacturing industry, you must first understand that manufacturers insurance typically does not refer to a single policy or product capable of covering all their risks and exposures. Instead, adequate manufacturers insurance may require a collection of policies. By assembling a versatile coverage portfolio, your company can ensure access to financial assistance that may limit out-of-pocket losses following various incidents.
What Does Manufacturers Insurance Cover?
When composing your company’s loss control measures, combining several types of insurance may financially safeguard you from many common incidents and perils. Although your enterprise’s exact insurance needs may be unique, several forms of insurance may be advisable for most manufacturers, including the following:
- General liability insurance may help pay for losses arising from incidents affecting third parties, including medical bills, property damage and legal costs.
- Commercial property insurance can provide financial protection for your company’s physical assets, such as structures, equipment, tools and inventory.
- Workers’ compensation insurance may cover losses and costs arising from employees’ on-the-job injuries or illnesses, including health care costs, lost wages, disability benefits and your business’s legal expenses.
- Business interruption insurance may compensate you for ongoing expenses and financial losses if an incident delays or disrupts your everyday operations.
- Product liability insurance may provide financial assistance if a customer or client sues your business for allegedly providing defective, contaminated or otherwise inadequate goods.
- Inland marine insurance can financially protect property, including products and equipment, while transported or stored off-site.
- Employment practices liability insurance may help pay for legal costs arising from accusations of improper workplace conduct, such as discrimination, harassment or wrongful termination.
Your company should also analyze its operations to identify any additional insurance needs. For example, if you own motor vehicles, you may need commercial auto coverage. Similarly, if you work with sensitive data, cyber liability insurance should be considered.
Who Needs Manufacturers Insurance?
All employers in the manufacturing industry should prioritize robust and versatile insurance portfolios. No levels of risk management or employee training can prevent all risks and exposures, and even a single mistake or lapse in attention could have catastrophic consequences. Depending on your operations, certain types of coverage may also be legally required, including commercial auto liability coverage, workers’ compensation insurance and commercial property insurance.
Get the Right Coverage
Since 1946, the dedicated agents at Svendsen Insurance have worked diligently to help businesses, families and individuals throughout Connecticut secure their finances with ideal coverage solutions. Our team will work with you to analyze your circumstances, identify available options and assemble optimal policies. Contact us today to get started.