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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 losses due to mechanical or electrical breakdown of any type of equipment. It will pay to repair or replace the equipment along with any additional damages caused. This includes computers, medical equipment and other equipment that has been damaged due to a disaster-related incident.
Business Interruption insurance protects your business against the loss of income due to covered disasters. The covered risks usually include fire, theft, vandalism, natural disaster, and other related risks. The insurance will pay for the lost income due to the covered incident, regular expenses, like utilities and employee wages, and movement to a temporary location.
Professional Liability (E&O) insurance will cover your business and your employees from the claims made from the mistakes done by your business, the omission of service or advice, or failure to execute the contracted work. The insurance will pay for the defense costs and court fees when faced with a covered lawsuit.
General Liability insurance protects your business and your employees from the claims of third-party personal injury, bodily injury, third-party property damage, advertising mistakes and other risks up to the limits of the policy. The insurance will shield your business and personal assets against out-of-court settlements, attorney fees, litigation and judgments awarded by courts.
Businesses in this industry focus their manufacturing efforts on equipment for medical purposes. Equipment includes surgical and medical instruments, surgical appliances and supplies, optical instruments and lenses, ophthalmic goods, and irradiation apparatuses.
A medical equipment manufacturing business can be very rewarding. With enough hard work, you'll get the profits you deserve. However, as a business, you are faced with plenty of risks. These risks are not only costly but could put your business into bankruptcy. With insurance, your business and personal assets are protected. It does that by covering medical fees when someone is injured under the care of your equipment and pays attorney and court fees if your business is involved in a lawsuit.
Medical equipment manufacturers face plenty of unique risks, below are some examples:
The cost of insurance for medical equipment manufacturers will depend usually on the size of the business and the coverage required as there is no fixed cost for insurance policies. Without taking these into account, below is the average cost of insurance policies for medical equipment manufacturers:
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