As the owner of a factory or other manufacturing business, it is important that you have factory insurance. With so many different risks, it may be wise to speak to an insurance agent to determine exactly what risks to cover in your policy. The following are a few reasons to have insurance for your factory.
A general liability policy will protect you against property or bodily damage, which could happen in the industry you are involved in. If someone is hurt while at your warehouse, you will have the insurance to cover the costs, rather than having to pull them out of your own pocket. This could save your finances, and essentially your business.
Beyond general liability, you could have a policy for errors and omissions. This reaches above the typical coverage and takes care of incidents that occur after your product has been manufactured and put on the shelf. If the product or components of it were not put together properly, you are liable, and this type of coverage will handle the costs.
Employee protection is an important aspect of any business. Manufacturing has certain risks that are often not found in other companies. Proper coverage can include a workers’ compensation package that protects your workers.
As you can see, there are some significant reasons to purchase a comprehensive policy for factory insurance. Speak to an agent today to get started.