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Manufacturer Insurance

Specialized coverage for your business.

 

Manufacturer insurance for your business needs.

Manufacturers come in all shapes, sizes, and product lines. But no matter what type of manufacturing business you’re in, there’s one thing in common: the need to help protect your business. We can help you design the right manufacturer insurance policy.

Help Protect the products you make and distribute.

If you make and distribute products, standard business insurance might not be enough. A dedicated manufacturer insurance policy covers the specific risks you face, leaving you free to concentrate on your business.

Coverage every manufacturer needs.

There are certain coverage options in your manufacturer insurance policy that are recommended for most businesses in the industry. They can help protect your business from the unexpected risks you face on a day-to-day basis, whether it’s the production of the products, or shipment of them.

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What is manufacturers’ selling price?

A key policy point to look for is a manufacturer’s selling price clause. This means that if your stock is damaged or destroyed by a covered event, you get a payout reflecting the price you would have sold the items for—not the price you paid for the raw materials.

The benefits of errors and omissions coverage.

You should also look for errors and omissions coverage. This goes beyond the usual business insurance that helps protect you against claims of property damage and injury caused by your products. It adds coverage for claims of financial losses. For example, if your customers say their business was hurt by a fault in your product.

Be prepared for potential product recalls.

Also consider product recall insurance, which kicks in if you’re forced to recall a product because it might cause harm. This insurance covers not only the costs of getting the product back to you but also safely disposing of the stock. Some policies even cover legal costs or public relations expenses.

Make sure your business is fully covered with manufacturer insurance by contacting us today

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As an independent agency, we are here to help you find the right Manufacturer Insurance coverage.

Manufacturer Insurance Quote Request

As an independent agency, we are here to help you find the right coverage.

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Commercial Property Insurance

Risk Factor
When a gas tank explosion causes an uncontrollable fire, your commercial property and everything within it can suffer a significant loss. This can have a detrimental effect on your repair shop business.
Solution
Commercial property insurance can help protect the property your business owns or leases, including things like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, commercial property insurance can be purchased separately or can be combined with other necessary coverage to protect your business’ physical assets.

Product Recall Insurance

Risk Factor

When a product you manufacture is found to be defective and causes bodily injury or property damage to others, you may be held financially liable. Product recalls can be involuntary (required by a regulatory agency or the government) or voluntary (the manufacturer notices a defect that is unlikely to force an involuntary recall), and can be costly.

Solution

Product recall insurance covers expenses associated with recalling a product from the market. Coverage can include customer notification costs, shipping costs, and disposal costs. Coverage generally applies to the manufacturing business itself, though additional coverage can be purchased to cover the costs of third parties.

Commercial Umbrella / Excess Insurance

Risk Factor

Losses and lawsuits are quite common in the construction business, and settlements can be substantial. If your business is found to be responsible for damage or injury on the job site, you could be facing a large liability loss that exceeds the basic limits of your standard policy.

Solution

You should consider purchasing a commercial umbrella insurance policy which provides higher limits, typically between $2,000,000 and $10,000,000, and often broadened coverages. Coverage is extended over various policies, including general liability insurance, business auto, and directors and officers liability insurance.

Motor Truck and Ocean Cargo Insurance

Risk Factor

As a manufacturer, you’re constantly shipping your cargo around the world either by land, air, or sea, which exposes your business to risk as a result of product loss, theft, or damage.

Solution

You can purchase ocean marine insurance for your products while your shipments of goods are in transit, whether it’s by truck, rail, air, ship, or boat, and until they reach their final destination.

Business Auto Insurance

Risk Factor

An auto accident can cause bodily injury or property damage to others for which you are responsible, potentially putting your business in financial jeopardy.

Solution

Business auto insurance provides coverage for vehicles owned or leased by a commercial enterprise and provides coverage for bodily injury, property damage, and other coverages, and includes both comprehensive and collision coverage.

Business Interruption Insurance

Risk Factor

What would you do if a fire impacted the operation of your production line and prevented you from serving clients for a day or more? Or what if a pipe leak caused a system outage or extended downtime, leaving your production line inoperable? These and other events can destroy your ability to serve clients and bring in revenue, which can have a major long-term impact on the viability of your business.

Solution

Business interruption insurance compensates you for lost income if your manufacturing facility cannot operate as normal due to damage that is covered under your commercial property insurance policy, such as fire or water damage. Business interruption insurance covers the revenue you would have earned, based on your financial records, had the incident not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.

Workers’ Compensation

Risk Factor

If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper insurance coverage in place.

Solution

Maintain workers’ compensation insurance to provide benefits to eligible employees. Otherwise, you can be penalized for every day that coverage is not maintained, as well as for any benefits an employee would have been eligible for in the event of a job-related injury or sickness.