Manufacturing Insurance

Liability Insurance

Manufacturing Insurance

Manufacturing involves the preparation, processing, and packaging of products from raw materials. It is a challenging type of business for anybody to run such a company. Owners have to manage the business quite smoothly. However, there is a high potential of exposure to risks such as injuries among employees, liability lawsuits, property damage, equipment breakdown or malfunction. Manufacturing insurance protects your business from product liability lawsuits. The insurance is tailored to suit your specific needs. It protects your business from financial loss. Getting the right business insurance policy that suits your needs can save you from potential financial losses.

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Cost of Manufacturing Insurance

The cost is generally based on the location, size, sales, payroll

Type of Insurance Policies 

Product liability policy. 

Whether your company manufactures tires, cakes, or vehicles, If there’s a problem with manufacturing causing injury or illness to someone, you can be sued for liability damages. The policy pays for legal fees if your product causes harm or damage.

Business Income 

Work can come to an abrupt stop due to property damage or equipment malfunction. The policy provides continuous income for 12 months as repairs are on-going.

Commercial property

The insurance protects your business property and the content inside in case of damage. It covers all the contents, whether owned or leased.

Business Owners Policy (BOP)

This policy combines three coverage’s, which are general liability, commercial property, and business income insurance, as one package. It saves you premium rates while safeguarding your business.

Inland Marine Insurance

Once products have been manufactured, they are constantly on the move. The coverage is designed to ensure your products are safeguarded while on transit for distribution at every stage.

In addition to the above policies, coverage of workers, environmental coverage, and automobile insurance are essential.

Other insurance policies that manufacturers should consider include

Aviation– If the manufacturer is involved in either export or import of goods that require cargo air transport.

Ocean Marine – covers marine cargo, especially if shipping to a war risk area.

To ensure proper coverage of the business, it is vital to discuss with your insurer your risks and exposures to ensure you are fully covered. The factors that come into play will include goods manufactured, location, and annual revenue.

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