Insurance for Manufacturers

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What Insurance Do Manufacturers Need?

General Liability

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.

Equipment Breakdown

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

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).

Workers Compensation

Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!

Product Liability

Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.

Commercial Property

Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.

Frequently Asked Questions

Why kinds of Manufacturers is this class considering?

Establishments in this industry manufacture a very large variety of consumer, commercial and industrial goods and products. Businesses in this industry include those that create household items such as brooms or glassware, industrial items such as ampere meters and circuit testers or commercial business items such as pens, easels, and drafting materials. Products can include those that are metal, plastic or chemical-based.

Manufacturers provide more than a million jobs and produce a vast number of products that consumers rely on you to produce. Products range from houseware items to apparel to equipment or tools and even office supplies. As a manufacturer, you often face tight deadlines and high standards for the products you make. It’s easy to push insurance to the bottom of your list, but it is critical to protecting your business, reputation, assets, and employees.

What are the common risks Manufacturers face?

The types of risks you face daily are critical. One wrong move and your business can crumble. Here are some of your unique risks:

  • Product Defects: Even with quality assurance checkpoints in place, some products don’t show their defects until they are in the consumers’ hands. If those defects cause injury or illness, you can be held responsible for damages and end up in the midst of a class action lawsuit.
  • Employee Injury: You rely on your employees to produce your products. If somebody falls and breaks a leg on the plant floor, you are responsible for their time off work and medical payments.
  • Business Interruption: Manufacturers rely on a number of elements to produce quality products. When something goes wrong like a fire, theft, or a delayed delivery, your manufacturing processes can be interrupted. If you’re not producing products, you are not getting paid which makes it difficult to stay afloat.
  • Broken Equipment: You rely heavily on equipment to efficiently manufacture products. With today’s technology like robots and dependence on computers, repairing broken equipment is expensive.
  • Broken Promises: It is common to enter into contracts with vendors and new customers. If you can’t keep up with demand or maintain expectations, they can hold you liable for lost revenue and sales.

How much does Manufacturers Insurance cost?

Insurance costs for manufacturers vary among carriers. They each have a unique set of guidelines they use to calculate premiums. Most will want to know your experience, claims history, manufacturing process, and safety procedures to determine a cost. Request a quote today by completing the manufacturer insurance form below.

How can I reduce my risk in my Manufacturing operations?

Aside from insurance, there are many industry best practices in manufacturing to help reduce risk.

  • Make sure to free the workspace of hazards.
  • Set reasonable customer expectations.
  • Use waivers and disclosure statements when applicable.
  • Set redundant safety procedures and train employees.

Are You Ready to Get Covered?

Prefer to speak with a CoverWallet consultant? Call(646) 844-9933