5 types of insurance every manufacturing firm needs to be protected
Manufacturing can be a complex business to manage that comes with many risk factors. We’ve outlined the 5 types of insurance you should make sure to have, followed by a description of each.
General liability: This insurance covers a variety of scenarios. It’s the policy that covers bodily injury and property damage you may cause others due to business operations.
Products liability: As other businesses and people use, interact, or consumer your product, there are possibilities it may harm someone. In addition, if your product is component products, such as a piece of a car, you may be potentially liable from the car manufacturer.
Property Insurance: It takes considerable owning a considerable amount of property to fabricate or assemble different materials. You likely have large printing equipment, CNC machines, or boilers. So now matter the specialty, you equipment is valuable to you, and may prove extremely costly to replace if damaged. This insurance covers damaged equipment and may also cover net income while machines are down.
Manufacturers’ E&O Insurance: As outlined above, causing bodily injury or property damage is an exposure covered by general liability. However, what if there are financial damages that are neither injury nor property damage? This type of insurance ensures you’re covered.
Intellectual Property Insurance: This helps you and your business defend against IP infringement claims and can help you pursue those who may be infringing on your copyrights or trademarks.
To get the insurance coverage that’s right for you, call Ansay & Associates today at 1-888-262-6729 or visit www.ansay.com for more.
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