Machine Shop Insurance
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What Insurance Do Machine Shop 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).
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
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.
Frequently Asked Questions
Why do Machine Shops need insurance?
Businesses that fall under this industry are known as machine shops. They machine metal, plastic parts, and other composite materials. Machine shops are low volume and only make parts by order. To make the parts machine ships use lathes, automatic screw machines, and machines that bore, grind, and mill.
Machine shops need insurance to protect against the risks in which your business may be involved. It protects your business so that when a lawsuit, medical responsibility, auto accident or any risk that would cost a lot of money arises, it will cover the expense. Your insurance will pay for the cost of these risks so you don’t have to.
What risks do Machine Shops face?
Machine shops face a lot of unique risks. Below are some of those:
- The delivery van’s engine you repaired for your client got destroyed delaying your client’s delivery time causing them to lose a lot of money.
- The equipment you used to repair machines has broken down. This prevents your business from working faster and more productive than when the equipment is working.
- A client entering your building slips on an oil spill causing him to suffer injuries.
How much does the Machine Shop Insurance cost?
The cost of insurance for machine shops depends on the size of your store, the coverage required and the number of employees you have. To find out the cost of your insurance policy, apply for a free quote online or talk to our insurance experts on the phone.