Insurance for Metal Manufacturers

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What Metal Manufacturers Are All About:

Companies in this industry manufacture a variety of metal products, such as fences, cast steel for railroads, wire and steel working machinery, oil drums and fermentation tanks, nails or paper clips. Establishments in this industry also work with different types of metal to create castings and to refine different types of metals into workable sheets and rods for later use.

What type of insurance does this industry need?

Policy What is it? Why get it Popularity in your industry Want free quotes?
General Liability
This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy. General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

What is it: This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy.

Why get it: General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

Product Liability
Product Liability insurance offers protection in the case of third-party claims (such as bodily injury or property damage) resulting from use of a covered product. If your business sells products and someone is injured by the use of the products, your company may be named in the lawsuit. Product Liability will pay for your legal defense and, if your company is found to be negligent, it will pay the injured third party.

What is it: Product Liability insurance offers protection in the case of third-party claims (such as bodily injury or property damage) resulting from use of a covered product.

Why get it: If your business sells products and someone is injured by the use of the products, your company may be named in the lawsuit. Product Liability will pay for your legal defense and, if your company is found to be negligent, it will pay the injured third party.

Commercial Property
This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage. If you have a mortgage or a lease, you may be required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident.

What is it: This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage.

Why get it: If you have a mortgage or a lease, you may be required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident.

Workers Compensation
Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work. Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

What is it: Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work.

Why get it: Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

Business Interruption
Business Interruption insurance helps compensate your business for lost income and ongoing expenses in the case that operations are halted due to a covered event, such as a fire. For many businesses, a temporary halt in operations can have a large enough financial impact to cause a permanent halt in operations. If your business would not be able to withstand losing access to a location for several weeks, this coverage may be recommended.

What is it: Business Interruption insurance helps compensate your business for lost income and ongoing expenses in the case that operations are halted due to a covered event, such as a fire.

Why get it: For many businesses, a temporary halt in operations can have a large enough financial impact to cause a permanent halt in operations. If your business would not be able to withstand losing access to a location for several weeks, this coverage may be recommended.

Hired & Non-Owned Auto
This insurance protects the business in the case of any incidents involving a vehicle that has been hired by the company to be used for business-related purposes. It also provides coverage in the case your business uses other vehicles which are not property of the business, such as having delivery drivers use their own vehicles. If your company hires vehicles or allows employees to use their own vehicles for business purposes, you will want to consider this insurance.

What is it: This insurance protects the business in the case of any incidents involving a vehicle that has been hired by the company to be used for business-related purposes. It also provides coverage in the case your business uses other vehicles which are not property of the business, such as having delivery drivers use their own vehicles.

Why get it: If your company hires vehicles or allows employees to use their own vehicles for business purposes, you will want to consider this insurance.

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