Being a manufacturer of products comes with many different risks and concerns for owners. Your business caters to a particular type of client and if, for example, you experience a work stoppage requiring you to cease operations for any length of time, this becomes a major issue.
In addition, a business interruption could be due to any number of issues, including vandalism, fire, windstorm, or equipment breakdown, some common problems associated with the industry and experienced by many business owners at one time or another.
Having manufacturing insurance that addresses these concerns is the best decision you’ll ever make. Making sure you have manufacturer’s insurance to protect your business and get you up and running again quickly will serve you all the better.
Other vital forms of coverage
There are several policies essential to any manufacturing plant, and this includes business property insurance coverage. Whenever an unexpected event causes delays to production, you’re going to need assistance when it comes to protecting your operations location, and your inventory, along with all of your valuable manufacturing equipment.
The last thing that you need is a serious or life-threatening accident to occur, as this could be financially devastating for you as well as those affected by such an incident. Having a business liability insurance policy can help protect your business in case a customer or vendor is injured because of products or services that you’ve provided.
Such events often lead to lawsuits and will likely have major consequences and a costly judgment or settlement that could be difficult to recover from. Having a policy that addresses this can help you recover and get back to the business at hand.
A workers comp policy designed for your employees
Most states require manufacturing companies, by law, to carry workers’ comp insurance when employing a certain number of people. This policy quickly delivers benefits for work-related injuries and illnesses sustained by your employees. Having this coverage for employee-related medical costs (as a result of a job-related injury) is a key expense for any business.
Employers should also make sure to communicate with physicians to determine when and if a worker will be able to return to work, as well as have a return-to-work program in place that enables injured workers to return as soon as physically able and provide continued productivity to their lives as well as your business. These policies are perhaps the primary backbone of any manufacturing insurance coverage plan.