A key aspect to operating a successful manufacturing enterprise that is often overlooked by owners is insurance. Having the right manufacturers insurance coverage can help to limit your exposure to risks that can cause great damage to your business. As you search for the right coverage, here is a list of must-have insurance coverages for your manufacturing business.
1. General Liability
Liability coverage is the most popular and provides the most basic coverage for your overall business. It includes coverage for property damage – when your property or a customer’s property is damaged by one of your employees, and bodily injury – when an employee or machine causes physical harm to a non-employee. In these instances, liability insurance would cover any medical and legal fees.
2. Workers Compensation
A required coverage in most states, workers compensation protects your business in case an employee is injured or dies due to work activities. Even if you only have one employee, it is recommended that you carry workers compensation insurance.
3. Commercial Property
Commercial property insurance provides reimbursement if your equipment or property is damaged or stolen. It even covers the cost of data loss in case any computers containing business data are stolen.
There are many other forms of manufacturers insurance. Use this list as a starting point to find the right coverage for your business.