More so than those in most other industries, manufacturing companies are almost always at risk for potential accidents. In such an environment, it’s necessary to have adequate insurance coverage to keep your company protected. Here are two must-have coverages that you should plan to speak with a manufacturers insurance company about when discussing your new policy.
Commercial Property Insurance
Property insurance offers funds to repair or replace your buildings, equipment, furniture and materials in case of damage or total loss. Covered events for reimbursement include fires, vandalism, theft and certain storms. Depending on your level of coverage, if an accident leads to an interruption in your business activities, your policy can also pay for lost income, employee wages and other ongoing expenses.
Commercial liability insurance is needed in case your business activities cause bodily injury or property damage to a third party. Product liability insurance covers your business in case the injury or property damage is caused by a defect or malfunction in your product. In either case, your policy will pay for any attorneys’ fees, settlements, judgments, repair costs and medical expenses for which you’re found liable.
There are many other forms of business insurance that you should consider when signing up for your new policy. Working with an experienced manufacturers insurance company will ensure that you get the coverage you need.