Insurance for Wood Manufacturers
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What Insurance Do Wood Manufacturers Need?
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).
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.
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.
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 does your Wood Manufacturers business need insurance?
Businesses in the Wood Manufacturing Industry produce many different kinds of wood products. These products include wood containers, caskets, custom designed interiors, lumber, wood structures, panels, door and window units, and furniture.
Running a business comes with inherent risks. These risks could be disastrous to your business and with insurance, your business and even your financial assets are protected. With the right insurance, you can achieve peace of mind and focus your attention on what you do best.
What risks do Wood Manufacturers face?
Below are the common risks wood manufacturers can face:
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Your wood manufacturing equipment suddenly malfunctions due to an electrical breakdown.
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A storm has destroyed your property and your wood manufacturing production has consequently been put on halt.
How much does insurance for Wood Manufacturers cost?
There is no fixed cost of insurance for wood manufacturers as the cost relies on the size of your business, the number of employees you have, and the coverage needed. Without taking these into account, below is the average cost of insurance for your business:
- General Liability insurance costs $500 in annual premiums.
- Professional Liability insurance costs $900 in annual premiums.
- Business Interruption insurance costs $1000 in annual premiums.