Insurance for Equipment Manufacturers
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What Insurance Do Equipment Manufacturers Need?
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Equipment Breakdown Insurance protects your equipment from breakdowns caused by motor burnout, power surges, boiler malfunction, and operating error. It covers you for the costs to replace or repair your damaged equipment, and other related expenses.
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused somebody financial loss. PLI covers your legal defense costs, damages and settlements.
Frequently Asked Questions
Why do Equipment Manufacturers need insurance?
This industry is made up of establishments that specialize in the manufacturing of various kinds of equipment. This ranges from heavy equipment, such as vehicles, oil drilling machinery, and airplane parts to much lighter equipment, such as radio amplifiers, television circuits, overhead projectors, fans, and filters. This industry also includes the manufacturing of welding and soldering equipment, lighting, engines and engine parts, elevators and general computer equipment.
Equipment manufacturers face many risks, and if it is not mitigated any of these risks could cost your business a huge financial loss. In fact, some businesses are forced to close from a liability lawsuit alone. Insurance is your business’s safety net. The insurance will cover the costs until its covered limits.
What risks do Equipment Manufacturers face?
Starting an equipment manufacturing business has many risks including:
- The equipment your business manufactures could malfunction and possibly injure or destroy a client. A liability lawsuit could end up damaging your business in the process.
- Your business property could get destroyed. Replacement or rebuilding costs are usually so much that most businesses choose to close rather than rebuild.
- Your employees could suffer from work-related illnesses or injury, and as the employer, you are responsible for costs.
How much does insurance cost for Equipment Manufacturers?
The cost of your insurance depends on the size of your business, the type of services you offer, the number of employees you have, your financial capacity and many other criteria.
To determine the cost of your insurance, use our online assessment or simply give our customer service representatives a call.