Insurance for Manufacturers
Manufacturers face a unique set of risks from their operations and their products. Having a comprehensive insurance portfolio can provide essential coverages.
The team at Iten Agency in Davie, Florida, can help you secure the policy that is right for you. Contact us for more information.
What Is Manufacturing Insurance?
Insurance for manufacturers is not one set policy. Instead, it is made up of several types of commercial insurance. Policies can provide coverage for various exposures in the manufacturing industry, including property damage, injuries and other liabilities. They can provide financial assistance and reduce your out-of-pocket burden after a covered event.
Coverages for Manufacturers
Types of insurance that are commonly available to manufacturers include:
Professional liability insurance
Cyber liability insurance
Employment practices liability insurance
Commercial property insurance. This may protect your business’s physical assets if they are damaged by covered causes of loss (e.g., severe weather) by paying repair or replacement costs. Coverage for tools and equipment may also be available.
Equipment breakdown insurance. This may cover essential equipment such as air conditioners or electrical panels if they stop working due to a covered event (e.g., power surge).
Business interruption insurance. If a covered event (e.g., fire) forces you to close your business temporarily, this may help pay for ongoing operating expenses such as taxes and wages.
Commercial auto insurance. If your manufacturing business owns vehicles, this may provide coverage if they are damaged, stolen or in an accident.
Workers’ compensation insurance. This may provide coverage if an employee suffers a work-related injury or illness. Workers’ compensation insurance may pay for medical expenses or provide wage replacement benefits to the injured or ill employee.
How Much Does Insurance for Manufacturers Cost?
The cost of insurance for manufacturers varies from policy to policy. Several factors including the size and location of your business, your industry, selected limits and claims history may all influence premiums.
Contact Us Today
The knowledgeable professionals at Iten Agency are ready to help you find the coverages you need. Contact us today for more information or a quote.