You’ve probably done some research and found that there is no shortage of insurance products out there; however, do you know which ones are the most important? If you’re in the process of searching for manufacturing insurance, make sure you start with the following coverage lines.
If a product that you’ve made and distributed causes bodily injury or property damage, a products liability policy will respond. Also, your liability is not limited to products that you have designed. If you provide goods with components designed by another company, you could still be dragged into a lawsuit.
General Liability (GL) and Property Insurance
Undoubtedly, you work hard to ensure that your business is safe, but you can’t prevent some accidents from happening. GL and property insurance are staples when it comes to manufacturing insurance. GL insurance works to protect you against third party lawsuits resulting from bodily injury or property damage. Property insurance can cover the business assets such as your buildings and equipment.
The fact of the matter is that workers in the manufacturing industry are at a higher risk of being injured on the job. When an injury happens, a claim can be made against you. Workers’ Compensation is an important coverage to have, as it covers an injured employee’s medical expenses.
There are certainly other coverage types that you’ll want to look into; however, these three are critical. Contact a manufacturing insurance specialist for more information.