Manufacturer Insurance
Request a QuoteManufacturer insurance helps keep your business producing.
Whatever you manufacture, protect your business with manufacturer insurance.
Protect your manufacturing business with specialized coverage.
If you make and distribute products, standard business insurance might not be enough. A dedicated manufacturer insurance policy may cover the specific risks you face, leaving you free to concentrate on your business.
Coverage every manufacturer needs.
There are certain coverage options in your manufacturer insurance policy that are beneficial for most businesses in the industry. They may protect your business from the unexpected risks you face on a day-to-day basis, whether it’s the production of the products, or shipment of them.
- Business Auto
- Business Interruption
- Commercial Property
- Employers Liability
- Errors and Omissions
- General Liability
- Manufacturers’ Selling Price
- Motor Truck Cargo
- Ocean Cargo
- Product Recall
- Workers’ Compensation
What does manufacturers’ selling price mean?
A key policy point to look for is a manufacturers’ selling price clause. This means that if your stock is damaged or destroyed by a covered event, you may get a payout reflecting the price you would have sold the items for—not the price you paid for the raw materials.
The benefits of errors and omissions liability coverage.
You should also look for errors and omissions liability coverage. This goes beyond the usual business insurance that protects you against claims of property damage and injury caused by your products. It adds coverage for claims of financial losses. For example, if your customers say their business was hurt by a fault in your product, your coverage may help protect you from that claim.
Be prepared for potential product recalls.
Also consider product recall insurance, which kicks in if you’re forced to recall a product because it might cause harm. This insurance covers not only the costs of getting the product back to you but also safely disposing of the stock. Some policies may even cover legal costs or public relations expenses.
Consider covering your business with manufacturer insurance. Contact us to discuss your business needs and coverage options.
Frequently Asked Questions - Manufacturer Insurance
Manufacturer insurance provides specialized coverage to protect manufacturing businesses from the unique risks they face, such as production issues, product recalls, and liability claims. It ensures that your business can continue operating smoothly despite unexpected challenges.
Manufacturers need specialized insurance coverage because standard business insurance may not adequately address the specific risks associated with producing and distributing products. Specialized policies offer protection tailored to the unique needs of the manufacturing industry.
Essential coverages for manufacturers include Business Auto, Business Interruption, Commercial Property, Employers Liability, Errors and Omissions, General Liability, Manufacturers’ Selling Price, Motor Truck Cargo, Ocean Cargo, Product Recall, and Workers’ Compensation.
The manufacturers’ selling price clause ensures that if your stock is damaged or destroyed by a covered event, you receive a payout based on the selling price of the items rather than the cost of raw materials. This helps to better compensate for potential revenue loss.
Errors and omissions liability coverage protects against claims of financial losses caused by faults in your products. This coverage goes beyond standard liability insurance, covering claims that your products caused a financial impact on your customers' businesses.
Product recall insurance is important because it covers the costs associated with recalling a product that might cause harm. This includes the expenses of retrieving the product, safely disposing of it, and potentially covering legal and public relations costs.
Business interruption insurance helps manufacturers by covering the loss of income during periods when normal business operations are disrupted due to covered events, such as natural disasters or equipment breakdowns. This ensures financial stability during downtimes.
Motor truck cargo insurance provides coverage for goods while they are being transported by truck. This is essential for manufacturers to protect their products against damage or loss during transit, ensuring that shipments arrive safely at their destinations.
Ocean cargo insurance covers goods shipped overseas, protecting against risks such as damage, loss, or theft during maritime transport. This is crucial for manufacturers involved in international trade to safeguard their products throughout the shipping process.
Manufacturers should conduct a comprehensive risk assessment, consult with insurance professionals, and regularly review their coverage options. This helps to identify potential gaps in coverage and ensures that the business is protected against evolving risks.