Manufacturer Insurance Policies

Commercial Property Insurance

Regardless of the industry they operate in, manufacturing companies tend to work in large spaces containing expensive machinery and equipment. This machinery is often at the heart of manufacturing operations, allowing companies to make products on a large scale. As a result, any sort of damage to either this machinery or the building itself can cause major interruptions, financial losses, or even drive the company out of business if it’s left unprotected.

Commercial property insurance protects your company’s building in addition to furniture, equipment, and exterior elements such as outdoor signs and fences. This means you are covered against events like vandalism, burst water pipes, fire, and storms. It’s important to note that earthquakes and floods are usually not covered by a standard commercial property insurance policy, but can be added on in many cases.

General Liability Insurance

General liability insurance protects your company if a customer, vendor, or any outside visitor is injured while at your manufacturing business. The policy will cover the cost of their medical bills as well as corresponding legal fees and settlements should they decide to sue your company for any reason. Importantly, general liability will not cover employee injuries, which are covered by your company’s workers’ compensation policy.

The policy also covers any loss or damage to the visitor’s personal property if this occurs during their visit. For instance, if a visitor accidentally injures his hand and damages his wristwatch while testing some of your machinery, general liability will cover any medical bills plus the cost of repairing or replacing his wristwatch. Finally, this policy also covers your company against claims of libel, defamation, and copyright infringement.

Workers’ Compensation Insurance

Since manufacturing companies often work with heavy machinery, their employees can be particularly vulnerable to accidents at work. Most companies address this with robust safety training and regulations, but as we all know accidents can and do happen, and it’s important for companies to be prepared. Workers’ compensation insurance pays for medical costs and any lost wages that an employee suffers if he or she is injured on the job.

In addition to covering medical bills and lost wages, workers’ compensation also pays for ongoing medical care such as physical rehabilitation. It also protects the company should an employee decide to file a lawsuit, which is very important as injuries caused by manufacturing equipment can be significant. In most states, manufacturing companies are actually required to have workers’ compensation insurance if they have at least one employee.

These are the key policies that a manufacturing company should have in place to adequately protect against the unique risks it faces in daily operations. Contact ISU-Armac Insurance Services today to formulate the best insurance plan for your business.