Manufacturers face a number of risks as part of their daily operations. With such risks comes the need for adequate insurance coverage to protect against potential third-party lawsuits. While there are plenty of options available, three basic coverage options should absolutely be part of your policy.
As the name implies, general liability insurance protects you from lawsuits arising from your everyday business activities. A visitor injuring themselves in your factory or damaging their car in your parking lot are examples of where general liability would come in handy to pay for any legal fees or damages for which you liable.
Professional liability insurance protects you in case a third party claims that your output did not meet a certain level of expectation whether due to an error or omission. An example of where this would come into play is if a customer claims that a part you manufactured failed to meet your contracted terms.
As seen on www.danielsinsuranceinc.com, pollution liability insurance protects you in case a third party claims that pollution from your manufacturing activities led to them sustaining an injury or illness, or property damage. Your policy can also make funds available for purchases that will go toward preventing pollution.
Having adequate insurance coverage is crucial to your success as a business. Work with an experienced agent to craft a policy that suits your exact needs.