Manufacturing Insurance in The Chicagoland Area and Across The Midwest
Manufacturing operations face risks specific to the industry. Having appropriate insurance
can help provide financial protection to help the organization reach its goals.
Manufacturing is a dynamic and vital industry that fuels economic growth and innovation. However, along with its many opportunities, the manufacturing sector also faces numerous risks and challenges. From property damage and equipment breakdowns to product liabilities and supply chain disruptions, these risks can have far-reaching consequences for businesses in the manufacturing realm. That’s where manufacturing insurance can help.
What Is Manufacturing Insurance?
Manufacturing insurance, also known as industrial insurance, is a type of coverage specifically designed to protect manufacturing businesses against various risks and liabilities associated with their operations. Manufacturing involves a range of activities, such as production, assembly, packaging and distribution, which can expose businesses to potential risks.
What Insurance Does a Manufacturing Business Need?
A manufacturer typically needs a variety of coverages to protect their business. Some of the key coverages that a manufacturer may need include:
- Commercial Property Insurance: This coverage protects the manufacturer’s physical assets, such as buildings, equipment, and inventory, against risks like fire, theft, and natural disasters.
- Business Interruption Insurance: This coverage helps manufacturers recover lost income and cover ongoing expenses in the event of a covered loss that disrupts their operations, such as a fire or natural disaster.
- Equipment Breakdown Insurance: This coverage protects manufacturers against the costs of repairing or replacing essential equipment that breaks down due to mechanical or electrical failure.
- General Liability Insurance: This coverage protects the manufacturer against claims of bodily injury or property damage caused by their products or operations. It also covers legal expenses in case of lawsuits.
- Product Liability Insurance: This coverage specifically protects the manufacturer against claims related to their products causing harm or injury to consumers. It covers legal expenses and potential damages awarded in product liability lawsuits.
- Professional Liability Insurance: This coverage, also known as errors and omissions insurance, protects you against claims of negligence or mistakes in your professional services. It covers legal expenses and potential damages awarded in lawsuits.
- Commercial Auto Insurance: If your business uses vehicles for business purposes, you need commercial auto insurance to protect against accidents, theft, or other incidents. It covers damages to the vehicle and liability for bodily injury or property damage.
- Workers’ Compensation Insurance: This coverage is essential for manufacturers as it provides benefits to employees who are injured or become ill due to work-related activities. It covers medical expenses, lost wages, and rehabilitation costs.
- Umbrella Insurance: This coverage provides additional liability protection beyond the limits of your primary insurance policies. It can protect you against catastrophic losses that exceed the limits of your other policies.
- Crime Insurance: This coverage protects your business against losses due to theft, fraud, or other criminal activities by employees or third parties.
- Employment Practices Liability Insurance: This coverage protects you against claims of wrongful termination, discrimination, harassment, or other employment-related issues. It covers legal expenses and potential damages awarded in lawsuits.
- Directors and Officers Liability Insurance: This coverage protects your company’s directors and officers against claims of wrongful acts, errors, or omissions in their duties. It covers legal expenses and potential damages awarded in lawsuits.
- Cyber Liability Insurance: In today’s digital age, manufacturers also need protection against cyber risks. Cyber liability insurance helps cover the costs associated with data breaches, cyberattacks, and other cyber incidents.
- Fiduciary Liability Insurance: This coverage protects your business against claims of breach of fiduciary duty, errors or omissions in the administration of employee benefit plans, and mismanagement of assets. It covers legal expenses and potential damages awarded in lawsuits related to fiduciary responsibility.
It is important to assess your business needs and risks carefully and work with an experienced insurance agent to determine the appropriate coverages specifically for your business. That’s where we come in. As experts in insuring the manufacturing industry, we have the expertise and experience to guide you to the right coverages, at the best price. And, giving you the Risk Management advice and services, you need. We are not going to ask you what keeps you up at night regarding safety and OSHA compliance, we are going to tell you what should be!
Insurance requirements may vary depending on factors such as the size of the business, the nature of the products being manufactured, the scale of operations and regulatory compliance obligations. Contact Pitcher Insurance Agency to discuss your business insurance needs.