The Basics of Manufacturing Insurance
Whether your manufacturing business does forming, forging, casting, engraving or works with metals or plastics, the industry can be risky. Your work involves heavy machinery, saws, drill presses, forges, and requires years of training to operate safely. Your manufacturing business faces unique risks that are in addition to the typical issues most businesses deal with, such as property damage and liability concerns. That’s why it’s important to secure the right manufacturing insurance in Seattle that acts to protect your hard work.
Many fabricating and manufacturing businesses tie their insurance needs together to form a Business Owner’s Policy (BOP). Why? Because it protects your manufacturing business in much the same way a homeowners policy protects your house and personal belongings. The key coverages include:
- General Liability: This helps to protect your manufacturing business from certain lawsuits if someone gets injured or their property is damaged because of your operations. For example, a customer accidentally gets injured by one of your machines in the manufacturing process at your workplace – this insurance would help to cover legal fees. It can also help to cover certain claims of slander and libel.
- Commercial Property: You would be nothing without your building and the machinery in it. This coverage protects the place where you do business and the tools you use to conduct your manufacturing business.
- Business Income: This portion helps to cover the loss of income when you can’t run your manufacturing business because of covered property damage.
There are many more manufacturing coverages to consider when looking to safeguard your business and finances, such as:
- Product liability insurance
- Equipment breakdown coverage
- Inland marine coverage
- Business interruption insurance
Find out more information about how these coverages can protect your business here.
The right coverage options for your manufacturing company will vary according to your unique risks and assets. Talk to a professional agent at Humble & Davenport Insurance who can tailor manufacturing insurance coverage to meet your needs and risk.