Insurance for Mills
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What Insurance Do Mills Need?
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).
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 Mills need insurance?
Companies in this industry mill and produce textiles and food products. Establishments may specialize in working with products such as wet corn, lumber, rice, cotton, grain flours, and wood pulps.
Mills need insurance to protect their business from many known and unknown risks. Insurance does that by paying the costs of covered expenses like medical fees, liability claims, and other fees so you won't have to pay out of pocket. And all it takes is a small monthly fee to protect your business and even personal assets.
What risks do Mills face?
Mills face a lot of unique risks, below are some examples:
- The equipment you use broke down, reducing your productivity level below average or on halt. The profits for that day are lowered next to nothing. The cost of the repair or even replacement of the damaged equipment could be expensive as well.
- A client entering your mill strips and falls. The client suffers an injury and you're responsible for the medical expenses and the attorney and court fees as well if the client decides to sue.
- Your employee becomes sick on the job. As an employer, you are responsible for the medical payments of your employees.
How much does the insurance for Mills cost?
The cost of insurance for mills will depend on the size of your milling business, the number of employees you have and the coverage required. To find out the cost of your insurance policy, you can get a fast, free quote online or talk directly to our insurance experts.