As a manufacturer, you turn raw materials and resources into marketable, finished goods. It’s hard, honest work that requires a reliable production line with minimal interruptions to generate revenues that sustain your company. When obstacles stand in the way of creating products, it can force your business to a grinding halt, costing you money and damaging your reputation with retailers and consumers. At Long & Company, we offer manufacturing insurance that covers a wide range of incidents, compensating you for losses and helping you to resume operations as quickly as possible.
We can provide coverage for a wide range of manufacturing businesses, including those that work with:
- Plastics
- Metals
- Wood
- Textile
- Paper
- Rubber
- And more
Hazards that Jeopardize Business
So much can go wrong with any business that has payroll and physical assets. Throw in heavy equipment, shipping departments, and product liability hazards, and the risk of loss skyrockets for manufacturing business owners. That is why having the right insurance is so important. Manufacturing insurance is tailored to the needs of companies with your business model. It helps protect against the core risks of owning a business while also fielding the dangers unique to your industry.
Types of Manufacturing Insurance Coverage
Insurance for manufacturing businesses is usually separated into multiple policies. Some feature combined coverages, and others offer stand-alone protection. At Long & Company, we help you determine which coverages are right for you based on the size of your business and your risk exposures.
Product Recall Insurance
No business ships out goods in anticipation that they will return to the warehouse, but due to unforeseen circumstances, many companies find themselves pulling products from retailer shelves to ensure consumer safety. Manufacturer insurance can protect you against extensive financial costs associated with a product recall.
Product Liability Insurance
When a faulty product causes consumer injury or damages property, your business may be responsible for providing compensation for loss. Your business may even face litigation, which results in costly legal fees and financial liability. Product liability coverage can help pay for your defense and cover damages if you are at fault and lose your case.
Selling Price Endorsements
When one of your finished products cannot be sold, you lose more than the time and resources you poured into its production; you also lose the profit you depended on the help pay the bills and generate a profit. Adding a selling price endorsement to your policy increases coverage for your products to their full retail value – not the cost to produce them.
E&O for Manufacturers
Errors and omissions insurance is not just for professionals; it can be for manufacturing business owners, too. You may need to file an E&O claim to help cover your liability and legal fees when your business is accused of negligence or a manufacturing mistake that results in third-party financial loss.
Equipment Breakdown
Manufacturers depend on their equipment to assemble products on a daily basis. No matter what industry niche your manufacturing business operates in, an equipment breakdown could force you to shut down operations or otherwise hamper your production output until you can pay for expensive repairs or replacement. Equipment breakdown insurance helps cover your costs for covered breakdowns so you can resume normal production operations again.
Commercial Vehicle Insurance
Depending on the size and scope of your manufacturing business, you may own one or several vehicles – particularly for shipping and delivery purposes. Commercial vehicle insurance provides coverage for your trucks, as well as potential liability for at-fault accidents. If you have drivers who operate trucks for short-haul or long-haul deliveries, talk to your agent about trucking insurance options and whether they could be right for you.
Standard Commercial Coverages
In addition to the industry-specific coverages available to manufacturers, several core commercial insurance solutions are recommended for nearly all businesses. They cover general risks that are common to several business types. These include:
Workers Compensation Insurance
This coverage helps protect workers against the costs associated with treating and recovering from workplace injuries. It is not contingent upon liability, but rather pays medical expenses and lost wage compensation to injured workers regardless of fault. For most businesses that employ workers, this coverage is mandatory. Not only does it protect the worker, but it can also safeguard your business against the risk of injured employee lawsuits.
General Liability Insurance
There are general risks associated with opening the doors of any business. From slip-and-fall accidents to injuries caused by fallen equipment, general liability insurance can help cover you against litigation and financial responsibility for incidents involving third parties on your premises.
Property Insurance
If you lose your business to a fire or lose your inventory to thieves and vandals, you need insurance that can help compensate you for the loss. This coverage can protect your financial investment in owned physical assets, from the structure of your business property to the equipment inside it. Generally, property insurance can protect you against losses caused by a wide range of covered events, from high winds to explosions and fallen objects.
Business Interruption
If a covered event forces your business to temporarily close or slow production, business interruption insurance can help pay your ongoing business expenses until you can resume operations again. This coverage is designed to protect you against a loss of cash flow by paying for utility bills, payroll, and other expenses.
Commercial Umbrella Insurance
Even with several types of liability protection, the limits on your first line of defense may not be enough to cover your liabilities and expenses in a major lawsuit. Commercial umbrella insurance provides supplemental liability protection that can extend your business’s liability limits by millions of dollars.
Talk to an Independent Agent about Wisconsin Manufacturer Insurance
If you own a manufacturing business in Wisconsin, you need insurance that holds up to your needs. Talk to an independent agent at Long & Company to find out more about your coverage options and request your free quote. We look forward to serving you soon.
