You’re manufacturing business took big risks to initially take hold, and you continue to gauge new risks with the goal to further expand and solidify your stake in the marketplace. Product liability cover is essential if you want to avoid irreparable damage from these risks, and it’s important to bear a few things in mind when looking for the best coverage.
First, don’t go to a general, unspecialized insurance agency. There’s a very good chance that they won’t have many services to offer besides expensive coverage, and they might not be that skilled in generating coverage specifically tailored for the manufacturing industry. Look for an agency that knows your industry and can help you grow as a business with benefits and procedures that will ensure that you attract the best talent and prevent severe loss.
Then, think carefully and work closely with a broker you trust to find out if there are any other services you should invest in besides product liability cover. Since there are presumably some workers present at your factory or plant, you should consider getting a worker’s compensation plan. Equipment is the expensive backbone of manufacturing, and you can easily get coverage for it. If you have company vehicles for the factory, delivery or employees, consider getting commercial automobile coverage. Other than that, the rest will fall into place and you can safely push your business forward.