Insurance for Manufacturers

Insurance for Manufacturers – Overview

Making a product and getting it distributed can be a challenge. Just like a piece of machinery, the process of making and delivering a product has a lot of moving parts. As you manage this complex process, you may need a partner to help you with you company’s insurance needs.

Your manufacturing business may require a large investment of capital. Those dollars are used to purchase or lease space and to buy machinery, equipment and computers. If you personally handle the distribution of your product, you may also invest in warehouse space, as well as trucks and vans to deliver your product.

You can obtain business property insurance to protect all of these assets against damage, vandalism or theft. This type of policy can also cover inventory. If your facility experiences flooding, fire or some other event, a property insurance policy may provide coverage.

On the Factory Floor

You hire a number of employees to handle your production. That work may include running machinery or moving materials around the factory floor. Other workers may package your product and prepare it for shipment. You may also employ people to load trucks and make client deliveries.

Many states require businesses to carry workers compensation insurance. The policy pays benefits to workers who are injured on the job and cannot work. This type of policy may pay an income and also cover medical expenses. You can also look into employment practices insurance. This policy may provide coverage for the legal issues related to wrongful termination, discrimination and harassment.

Many factors can impact the production and sale of your product. Equipment breakdowns can stop production. If you have a product recall, you may incur time and expense to fix the product and return it to customers. A weather event may also stop your production process. A business income policy can cover some of these events that force you to stop production. The policy may cover your operating expenses and payroll while you get up and running again.

You may store sensitive information about your clients on company servers. A cyber attack may mean that sensitive data is stolen. A business liability policy can protect you from legal actions related to a cyber attack.

Fusco & Orsini can help you sort through all of your insurance issues. They can put together a plan to address your manufacturing insurance concerns.