In many ways, manufacturing is the backbone of the world economy and a unique industry. As such, your business needs to create a portfolio of manufacturer insurance policies to suit your needs.
One type of policy that most companies need is a general liability and property insurance. This coverage may be similar to your home insurance and can protect your company’s finances against losses caused by fire, theft, and some lawsuits.
You may also consider adding a product liability policy to your manufacturer insurance portfolio. This insurance can protect your business if a product you make ends up hurting an end user. If the consumer brings a lawsuit, you can stay protected.
If your products harm one or more members of the general public, you might find yourself in the middle of a product recall. This recall can cost your manufacturing business a ton of money in refunds, lost sales, and even legal fees. Protect your finances with product recall insurance.
Workers’ compensation insurance is another important coverage that all businesses need, especially manufacturers. If your equipment malfunctions and hurts someone, or if an employee slips while on the job, you may find yourself responsible for a lot of medical and legal fees. Workers’ comp can help alleviate these expenses.
These are just a few examples of insurance policies that can help your manufacturing business thrive, even under poor circumstances. Talk to an experienced insurance agent about your company’s needs.