Cost of Manufacturing Insurance
The cost is generally based on the location, size, sales, payroll
Type of Insurance Policies
Product liability policy.
Whether your company manufactures tires, cakes, or vehicles, If there’s a problem with manufacturing causing injury or illness to someone, you can be sued for liability damages. The policy pays for legal fees if your product causes harm or damage.
Work can come to an abrupt stop due to property damage or equipment malfunction. The policy provides continuous income for 12 months as repairs are on-going.
The insurance protects your business property and the content inside in case of damage. It covers all the contents, whether owned or leased.
Business Owners Policy (BOP)
This policy combines three coverage’s, which are general liability, commercial property, and business income insurance, as one package. It saves you premium rates while safeguarding your business.
Inland Marine Insurance
Once products have been manufactured, they are constantly on the move. The coverage is designed to ensure your products are safeguarded while on transit for distribution at every stage.
In addition to the above policies, coverage of workers, environmental coverage, and automobile insurance are essential.
Other insurance policies that manufacturers should consider include
Aviation– If the manufacturer is involved in either export or import of goods that require cargo air transport.
Ocean Marine – covers marine cargo, especially if shipping to a war risk area.
To ensure proper coverage of the business, it is vital to discuss with your insurer your risks and exposures to ensure you are fully covered. The factors that come into play will include goods manufactured, location, and annual revenue.