When you need insurance for manufacturing, general liability won’t keep you protected from claims of damage or negligence. Whether you build microchips or massive yachts, you produce a custom product. Your insurance should be as unique to your facility as the one-of-a-kind products you produce.
Noise exposure and physical injury claims can happen to any business, but they are especially prominent in a factory setting. One careless worker or a faulty piece of equipment can expose your business to potential lawsuits and loss of revenue.
Manufacturing is a growing industry. With so many different types of factories and fabricators, it is becoming increasingly important to find the right kind of coverage. Wage lawsuits, property damage and product recall risks are just a few of the areas for which you might need protection.
Types of Insurance Policies
Risk management should be one of the main concerns for any company, so it’s good to know what kinds of policies exist. Typical insurance for manufacturing falls under the categories of General Liability, Property and Worker’s Compensation. Another type of coverage, called Errors & Omission, protects you in case a customer claims financial loss due to a mistake made by your company.
A business that builds excavating equipment will need much different coverage than one that creates handmade guitars. Your insurance professional can assess your needs and target the areas requiring coverage in order to find the best policy to suit your individual needs.