Why Manufacturing Firms Need Business Insurance

Whether your manufacturing business does forming, forging, casting, injecting or engraving, working with metals and plastics can be risky. Your work involves tools such as band saws, drill presses and forges which require years of experience to operate safely. Your business faces unique risks and that’s in addition to the typical issues most businesses deal with like property damage or losing important records and files. Products liability to cover problems with the goods you manufactured.

Products recall

product recall is a request from a manufacturer to return a product after the discovery of safety issues or product defects that might endanger the consumer or put the maker/seller at risk of legal action.

Business Owner’s Policy

Most fabricating and manufacturing businesses have a Business Owner’s Policy (BOP). Why? Because it protects your manufacturing business in much the same way a homeowner’s policy protects your home and personal possessions.

By combining three fundamental coverages that are essential to nearly every small business, a Business Owner’s Policy can save you money on insurance rates while safeguarding the manufacturing business you worked so hard to build.

  • General Liability – helps protect your manufacturing business from certain lawsuits alleging injuries or property damage that occurred as the result of your manufacturing business operations. For example, if a customer is injured by one of your machines in the manufacturing process at your workplace or an employee causes damage to a customer’s property, this insurance will help cover the legal fees. It even helps cover certain claims of slander and libel. Busines Liability does not cover liabilities directly arising out of the professional services you may provide.
  • Commercial Property – helps protect the place where you do business and the tools you use to conduct your manufacturing business, like plastics injectors or molds – whether you own or lease them.
  • Business Income – helps cover the loss of income when you can’t run your manufacturing business because of covered property damage.

Workers Compensation

Protects your employees while injured on the job.

Commercial Automobile

A commercial auto policy that includes auto liability and auto physical damage coverages; other coverages are available by endorsement. Except for auto-related businesses and motor carrier or trucking firms, the business auto policy (BAP) addresses the needs of most commercial entities as respects auto insurance.

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