Understanding Insurance Needs of Manufacturers
Employers in the manufacturing sector must account for many risks, hazards and exposures. Manufacturers depend on valuable equipment and reliable workers to efficiently produce goods amid potentially hazardous workplaces. Given the consistent level of danger and the need for precision, businesses in the manufacturing industry must protect themselves with a comprehensive insurance package.
Who Needs a Manufacturer Insurance Policy?
- Air conditioning equipment manufacturers
- Appliances and accessories manufacturers
- Bakery products manufacturers
- Clothing manufacturers
- Craft Breweries
- Craft Distilleries
- Craft Wineries
- Eyeglass lens manufacturers
- Fruit drinks, soda, spring or carbonated water manufacturers
- Metal goods manufacturers
- Plastic good manufacturers
- Sign manufacturers
- Technology product manufacturers
The policies offered by G&H Financial Insurance include several different coverages which can be woven together to suit your company’s needs.
What Coverages Do Manufacturers Need?
Manufacturers require protection for many different potential losses or damages. For most businesses, an adequate insurance package should include the following coverages:
- General liability insurance financially protects third parties from risks, such as bodily harm suffered by a customer or visitor.
- Workers’ compensation helps cover medical expenses, lost wages and lawsuits from work-related employee injuries or illnesses.
- Commercial property insurance protects property used by manufacturers for operations, such as buildings, equipment, inventory and tools.
- Business interruption insurance can help cover costs and lost income if an incident forces you to cease operations.
- Equipment breakdown insurance assists with repairing machinery and tools necessary for your operations, such as computers, boilers and electrical systems.
- Inland marine insurance helps cover transported property, including materials, products and parts. It also covers property stored on your premises but belonging to another party.
- Product recall coverage can help pay your costs to recover the product from distributors, purchasers or end users.
Depending on your operations, many other types of coverage—such as cyber liability and ocean marine—may be necessary.
How Much Does Insurance Cost Manufacturers?
In addition to weighing what types of coverage are necessary for your business, several other queries will also be considered when determining your premiums, including:
- Your company’s revenue
- Your business’s location
- Number of employees
- The equipment and property used
- The products your business manufactures
Get the Right Coverage
The manufacturing industry can be profitable and rewarding, but daily operations include many risks related to injuries, property damage, delays and lawsuits. Contact the agents of G&H Financial Insurance today to learn more about coverage options.