Insurance for Furniture Manufacturers
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What Insurance Do Furniture Manufacturers Need?
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 sobody financial loss. PLI covers your legal defense costs, damages and settlements.
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.
Frequently Asked Questions
Why do Furniture Manufacturers need insurance?
Establishments in this industry specialize in the production and manufacturing of most types of furniture, including companies that specialize in wood and metal furniture construction, furniture for institutions (churches, schools, etc.), upholstered furniture and kitchen fixtures such as countertops and cabinets.
Looking to start a manufacturing business? It is very important that you cover your business from the potential lawsuits that your furniture manufacturing business can face. Insurance will cover the risks that your business may face. It makes sure that when it happens, you won’t have any out-of-pocket expenses, thus your business and personal assets are protected.
What risks do Furniture Manufacturers face?
Furniture Manufacturers can face a lot of risks, below are some of those:
- The furniture you created for a client is not as what they expect it to be, causing them to suffer huge financial harm. Your client can sue your business for the damages.
- The equipment you use to make furniture suddenly malfunctions, putting production on halt.
- A customer enters your business and slips inside your property, causing injury. You are responsible for the medical fees as well as attorney fees if your customer files for a slip and fall claim.
How much does insurance for Furniture Manufacturers cost?
The cost of your insurance policy will depend on many criteria. Most of the time, insurance carriers will ask for the size of your business, the number of employees, the coverage needed and many other factors. To find out the cost of your insurance policy, simply apply online to get a free quote or contact our customer service representatives.