You can’t predict the future, which is precisely why you need to have insurance coverage to protect your business in unexpected situations. This goes for all businesses in every single industry, but what does it mean for manufacturing businesses?
Manufacturers insurance can help any business that produces goods and products. It can help a business stay afloat in case of property and equipment damages resulting from a fire, flood, or any other unforeseen circumstance.
A manufacturer insurance policy can also protect a business from potential lawsuits from employees or customers. It can help minimize a wide variety of risks, reducing costs at the same time and helping a manufacturing business keep its operations running smoothly.
Who Needs Manufacturers Insurance?
Insurance coverage for manufacturers is designed for all the businesses that manufacture products and goods.
Those include food refineries, plastic manufacturers, printing businesses, manufacturers of computer components and other electronics, canned-food businesses, companies for meat packing, and many other facilities that make products from various components or raw materials.
What Type of Insurance Does a Manufacturing Company Need?
The most important manufacturers’ insurance options you should consider include:
- Business property insurance
- Business liability insurance
- Workers’ compensation
- Commercial vehicle insurance
Business property insurance will help you replace or repair any potential damage to your property and equipment in case of a fire, theft, or any natural disaster.
Business liability insurance will protect your business against potential lawsuits resulting from an employee injury, or a customer’s injury or illness. For instance, if a customer sues you for selling them a food product that made them sick, food manufacturing insurance will protect you against that liability claim.
Workers’ compensation helps you cover an employee’s medical bills and lost wages if they happen to get injured at work.
Commercial vehicle insurance is also essential if you have commercial vehicles for transporting raw materials, and goods that you produce.
Manufacturing Insurance Cost
Every business is unique, so your manufacturing insurance cost will depend entirely on the nature and qualities of your business, as well as different risks your business is exposed to.
Melton McFadden can help you calculate the cost. We’re focused on providing insurance coverage for manufacturers that will best fit their unique needs. We offer various manufacturing insurance programs, including small manufacturing business insurance that’s essential for small organizations that have yet to grow.
If you want to protect your manufacturing business against damages that could hurt your organization and lead to financial losses, get a manufacturer insurance policy and minimize the risks.
We’re here for you, so don’t hesitate to get in touch. Contact us today and get a quote!