5 types of insurance every manufacturing firm needs to be protected

Manufacturing can be a complex business to manage that comes with many risk factors. We’ve outlined the 5 types of insurance you should make sure to have, followed by a description of each.

General liability

This insurance covers a variety of scenarios. It’s the policy that covers bodily injury and property damage you may cause others due to business operations.

Products liability

As other businesses and people use, interact, or consumer your product, there are possibilities it may harm someone. In addition, if your product is component products, such as a piece of a car, you may be potentially liable from the car manufacturer.

Property Insurance

It takes considerable ownership of a considerable amount of property to fabricate or assemble different materials. You likely have large printing equipment, CNC machines, or boilers. No matter the specialty, your equipment is valuable to you, and may prove extremely costly to replace if damaged. This insurance covers damaged equipment and may also cover net income while machines are down.

Manufacturers’ E&O Insurance

As outlined above, causing bodily injury or property damage is an exposure covered by general liability. However, what if there are financial damages that are neither injury nor property damage? This type of insurance ensures you’re covered.

Intellectual Property Insurance

This helps you and your business defend against IP infringement claims and can help you pursue those who may be infringing on your copyrights or trademarks.

To get the insurance coverage that’s right for you, call Ansay & Associates today at 1-888-262-6729 or contact us today!