Manufacturers Insurance Coverage Options

Because the manufacturing industry is such an essential part of this country’s success, both internally and abroad, this industry needs to be suitably protected against the various risks and exposures that many companies may be faced with.

If your company produces metal goods, or products made from plastic and rubber, this comprises a large percentage of the goods distributed to companies and consumers across the globe. Therefore it only makes sense to protect your business with manufacturers insurance as part of your broad property insurance coverage.

Speak to an insurance agent who understands the needs of this industry and can help to provide you with coverage for the building, business personal property, property belonging to your customers, business income and other key coverages, all of which are designed to protect your assets.

What services and insurance products do manufacturers need?

Start with a comprehensive general liability (CGL) insurance policy that contains multiple coverage parts. Coverage for product liability is provided with most CGL policies that generally also includes separate Products Liability and Completed Operations coverage.

As a purchaser of insurance you should be concerned about the maximum dollar amount that will be paid for each operations or products liability claim and the maximum dollar amount that will be paid out under the policy (annual aggregate). It helps to have a thorough understanding of what your products liability exposure is in order to decide what type of coverage you may actually need.

Since you have employees, workers compensation coverage will be required because this policy exists primarily to assist workers with work related injury payments and also as a way to eliminate litigation against you, the business owner.

Another major concern for most manufacturers is auto insurance coverage, since it will protect your firm from any kind of auto related liability, which is great for companies that use employees to deliver goods to other businesses and warehouses. To save on premium costs you may want to consider self-insuring the physical damage exposure to any older vehicles in use.

Finally, umbrella or excess liability protection adds additional limits for large, third party claims. It’s quite easy to underestimate your exposure to larger losses, and most businesses cannot afford to go without coverage in the event they are faced with an enormous settlement to pay.

Other coverages may be needed and should be available through most carriers. Speak to a reputable agent today.