Designing an insurance program that meets your needs is important to you and your business. Just like a typical business policy, manufacturing includes workers compensation and property insurance. The difference between these policies is the manufacturing of products that bring about potential risks. These risks could leave your company susceptible to lawsuits.
Product Liability Insurance
Product liability insurance is needed to protect you from financial loss due to a defect or malfunction of these products. If your company provides any products to the public, then your company needs product liability.
Business Interruption Coverage
Insurance is most often relied on following disasters. During or immediately following a disaster, your business may lose income due to having to be closed. Likewise, repairs or even complete rebuilding can cost you weeks of lost income. By adding Business Interruption Coverage to your insurance plan, you can help stay financially secure when a disaster strikes and leaves you unable to open your doors.
Equipment Breakdown Coverage
Another optional business insurance coverage, Equipment Breakdown Coverage can help mitigate costs associated with repairing or replacing equipment after specifically covered incidents. This can be critical when rush repairs are needed, you lose income due to broken equipment, or when perishable goods are lost due to equipment malfunction.
Let Iott Help You Choose the Best Manufacturer Insurance
With our years of experience in the manufacturing industry, we can help you determine what risks are specific to your business operations and design a plan that fits your needs and your budget.