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Essential coverages to meet client demands
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
Equipment Breakdown insurance will cover the loss that your business suffers because of a mechanical or electrical breakdown of nearly any type of equipment. It covers the cost to repair or replace the equipment and other property damaged by the equipment breakdown.
Business Interruption insurance covers the loss of income that machinery manufacturers suffer after a disaster-related closing of the business. The insurance will also pay recurring expenses like employee salary, monthly bills and other fees as well as the cost to move your business to a temporary location to help you rebuild.
Professional Liability (E&O) insurance protects your business against the mistakes done, an omission, or failing to deliver the service as stated in the contract. The insurance will cover the legal liability arising from these risks.
Establishments in this industry specialize in the manufacturing of machinery and equipment. This includes the manufacturing of turbines, generators, telephony equipment such as fax machines, local area network (LAN) communications equipment, and toll switching equipment, small arms and ammunition, farm equipment, food production equipment and many other types of large and small-scale machinery. Establishments involved in this industry include those that specialize in mining equipment, metalworking, and plastic working equipment as well as various other commercial and industrial tools.
Machinery manufacturers need insurance to protect the business from the unique risks it might face. These risks could end up placing a dent in your business and even personal assets, so insurance is needed. Insurance will pay for the covered risks so you don’t have to, and all it takes is a small monthly fee.
The most costly risk machine manufacturers face is a product recall. When most of the products you manufacture are defective, you’ll have to pay for the expense of recalling these products. Below are some more:
There is no fixed cost of insurance for machinery manufacturers. However, most insurance carriers will rely mostly on the size of your business and the coverage required to determine the cost of your insurance policy. To find out the cost of insurance for your business, apply online to get a free quote or contact our insurance experts.
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