Insurance for Metal Manufacturers
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What Insurance Do Metal Manufacturers Need?
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.
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.
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.
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).
Frequently Asked Questions
Why do Metal Manufacturers need insurance?
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.
Metal manufacturers need insurance to protect the business from the many known and unknown risks. Insurance is very useful when your business is involved in a medical or liability claim as it can cover the costs from these types of claims. This protects your business against a lot of out-of-pocket expenses, protecting your business and even personal assets.
What risks do Metal Manufacturers face?
Below are some of the risk examples that metal manufacturers could face:
- Equipment you use for manufacturing metals has malfunctioned. This reduces business productivity that day, costing your targeted profits.
- An employee gots into an accident while manufacturing metals. Your business is responsible for the medical and/or rehabilitation payments until he or she can work again.
- One of your manufacturing plants catches fire, halting business production. Profits are reduced while you repair the plant.
How much does the insurance for Metal Manufacturers cost?
There is no fixed cost of insurance for metal manufacturers as insurance carriers rely on various criteria, such as the size of your business, number of employees and type of coverage needed, to identify the cost of your insurance policy. To get a free quote quick, you can apply online or talk directly to our insurance experts.