There are a variety of risks associated with the manufacturing business. The misuse of tools such as saws and drill presses can result in serious injuries. Additionally, employees working with materials such as plastics and metals can face potential accidents. Whether your company does engraving, injecting, casting or forming, it’s important to have manufacturer insurance. It provides protection against hazards that can have a negative impact on your company’s finances.
What type of coverage do you need? It all depends. Every business is different. Any policy you purchase will be tailored to your company. However, there are some common policies that nearly every business needs. There is general liability, which safeguards your company against property damage and injury-related lawsuits. Commercial property is helpful as well. This policy covers a wide range of properties including tools, equipment, and buildings. It covers space that is leased and owned. What happens if your company is shut down temporarily because of property damage? In this case, a business income policy will cover income losses during that period.
It is a good idea that you prepare your company for any risk. A professional insurer can help you select the right manufacturer insurance coverage. Doing so will protect your company’s financial well-being for years to come.