Any business that makes products intended for use by others needs manufacturing insurance. This is not one policy, but rather a tailored portfolio of coverage that addresses the insurance needs of manufacturing. The team at Safeguard Insurance has been providing manufacturing insurance coverage for nearly 20 years. We have the markets and experience to provide your business with the right insurance at the right price.
Here are some of the types of manufacturing insurance your business should consider:
- General liability coverage, often simply called GL. This is a foundational coverage for manufacturing and provides both premises liability and products liability. GL provides coverage for bodily injury and property damage claims that arise from your operations or products.
- Umbrella or excess liability. An umbrella or excess liability policy provides additional layers of protection over your general liability and, possibly, other policies such as commercial auto and employers liability. An umbrella policy can provide from $1M to $50M or more, of additional liability protection. In some situations, we will layer an umbrella policy with multiple insurance carriers to provide the desired coverage limit.
- Commercial property insurance. Your raw materials, finished stock, equipment, machinery, buildings, and other business property all need to be protected from losses. Commercial property insurance provides broad protection from losses such as fire, theft, vandalism, water damage, and windstorm.
- Workers compensation. If you have employees, workers compensation insurance is a necessity to protect them from injuries that occur while in the course and scope of employment. Benefits are paid as required the laws of the various states in which you have operations. Employers liability is also included in most workers compensation policies.
- Employment practices liability. Claims made by employees against the employer are on the rise. These can include wrongful termination, sexual harassment, failure to promote, discrimination, and many others. Employment practices liability protects your business from these types of allegations, whether they have merit or not.
- Business interruption or loss of income. Imagine if a fire or other type of loss caused forced you to cease operations for a period of time. Business interruption or loss of income coverage pays for your lost net income, ongoing expenses such as payroll, rent, and equipment leases. Other expediting expenses that help you resume operations are also generally covered.
No matter what size manufacturing business you own, Safeguard Insurance can help you find the right business insurance. Contact us today for a no-obligation coverage review and comparison quote.