The manufacturing industry is one of the earliest backbones of the American economy. The risks and liabilities associated with these operations are high, but the right manufacturers insurance policy will keep you covered.
As a manufacturer, you face significant risks during operation. The primary risk is that of fire, but these are additional areas of concern:
- Vandalism or theft
- Weather and other natural disasters
- Employee illness or injuries
- Damage to products and inventory occurring during transit
- Products that might damage or injure others
- Breakdown of machinery and equipment
- Business interruptions and a resulting loss of income
It’s not just about the things that could happen to your business. It is also about taking precautions for the items or processes used as you manufacture goods. Types of equipment, machinery, metals, chemicals or even paint types can be a hazard. While you can’t always remove every risk, your manufactures insurance can comprehensively address them.
A quality coverage policy should include things like pollution liability, product recalls, employment practices liability, errors and omissions and workers’ compensation coverage. It is often said the best defense is a good offense, and this can be said about your protection against financial and legal challenges associated with your operations. Make sure your policy addresses your specific risks and exposures.