Insurance for Manufacturers
With advanced technology providing access to faster and more efficient processes, manufacturing operations are more complex than ever. Manufacturing businesses need appropriate commercial insurance to help protect their future financial well-being from unexpected events that could cause property damage, lead to lawsuits, cause bodily injuries and even temporarily halt operations.
Who Needs Manufacturing Business Insurance?
Depending on your specialty within the manufacturing industry, you may need various insurance products to help protect your company and your workers.
Manufacturing insurance can help protect businesses such as the following:
- Wood manufacturers—paper products, furnishings and wood products
- Textile manufacturers—industrial fabrics, apparel and accessories and canvas products
- Mineral manufacturers—construction gravel and sand, glass or ceramic products and precast concrete forms
- High hazard manufacturers—farm or construction equipment, perfumes and cosmetics, athletic and sports goods and fabricated structural metal
- Metals manufacturers—industrial machinery, auto parts, casters, rollers or stampers and metal forgers
- Plastic and rubber manufacturers—plastic bottles and containers, rubber parts, packaging material and films
- Electrical equipment manufacturers—commercial lighting, switchgear or transformers, generators, electrical distribution equipment and motors
- Food and beverage manufacturers—candy and confectionary, craft breweries, distilleries, wineries, frozen specialties, processed foods, dairies, meat processors and bakery products
What Insurance Does a Manufacturing Company Need?
Most manufacturing operations need general business insurance that helps meet basic needs:
- General liability insurance helps cover a company’s liability for property damage and bodily injury.
- Commercial auto insurance helps cover a company’s liability if the driver of a company vehicle causes an accident.
- Workers’ compensation insurance helps provide financial support for employees suffering from work-related injuries or illnesses.
- Property insurance helps cover damage to company property from a covered event such as a storm or fire.
- Umbrella insurance picks up when a liability insurance claim exceeds the limits of other policies.
Your agent can help you determine which policies may be required by law. They can help you comply with local, state and federal regulations. Depending on your company’s unique needs, your agent may also recommend specific specialized coverage to provide additional protection for your organization, such as the following:
- Environmental liability
- Equipment breakdown
- Cyber liability
- Inland marine
- Ocean marine
- Product recall expense
- Business interruption
Is Workers Compensation Insurance Required for Manufacturing Companies?
Texas manufacturing companies are encouraged to provide workers’ compensation coverage to benefit their employees and their organization. In most cases, however, this coverage is not required.
Texas employers who decide not to purchase workers’ compensation coverage must report their lack of coverage to the state and file a report each time an employee’s work-related injury results in more than one day of lost time. They must also file a report for each work-related death and illness.
Contact Us Today
To learn more about how to properly insure your manufacturing operation, contact G&H Financial Insurance
in Katy, Texas, today.