Developing raw materials into finished products requires a smooth, finely tuned operation. The rewards of manufacturing bring risk in regards to employee health and safety, production outages and product recalls. Here are a few options that manufacturer insurance providers tend to offer to ensure that no gaps exist in your coverage.
Property. Your greatest assets present the largest risks and that absolutely includes the facilities that your business uses for its operation. Whether your facility produces metal, plastics or natural products, protecting such real estate is a must.
Business Interruption. Any outages, due to equipment failure, natural disaster or other reason can grind away profits. Ensure that such a hit doesnt affect earnings by electing this type of coverage. Remember that liability insurance may cover the cost of emergency repairs, but will not reimburse your business for the lost time.
Manufacturers E&O. This coverage protects your bottom line against claims that consumers can make for profit losses due to product defects. This type of manufacturer insurance is especially valuable if your company is considered B2B or high in the chain of component production.
These are just a few options when it comes to the coverages available. Be sure to consult with someone who knows your industry well to ensure that your policy is complete.