What Kinds of Insurance Do Manufacturers Need?

Manufacturers face a wide range of operational, legal, and financial risks. However, with a robust insurance strategy, these risks can be mitigated, providing security and confidence. The essential types of insurance for manufacturers include:

1. Commercial Property Insurance protects physical assets such as buildings, equipment, raw materials, and inventory from damage caused by fire, theft, storms, and other hazards.
2. General Liability Insurance – Covers third-party bodily injury, property damage, and legal defense costs resulting from accidents or negligence.
3. Business Interruption Insurance—This is a lifeline for maintaining cash flow by covering lost income and ongoing expenses if operations are temporarily halted due to a covered event, such as a fire or natural disaster.
4. Product Liability Insurance provides protection against claims of injury or damage caused by defective products. This is especially critical for manufacturers whose goods are sold directly to consumers or other businesses.
5. Business Auto Insurance covers company vehicles transporting goods, materials, or personnel, including liability and physical damage coverage, ensuring comprehensive protection.
6. Workers’ Compensation Insurance – Required in most states, it pays for medical expenses and lost wages for employees injured on the job and protects employers from related lawsuits.
7. Umbrella Liability Insurance – Offers an extra layer of liability protection above and beyond the limits of other liability policies, applicable for large claims or lawsuits.
8. Cyber Liability Insurance – Safeguards against data breaches, ransomware attacks, and other cyber threats that can disrupt operations or compromise customer information.
9. Pollution Liability Insurance – Provides coverage for environmental damage caused by releasing pollutants during manufacturing processes, including cleanup costs and third-party claims.

Pitcher Insurance Agency, Inc is here to help!

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, Inc. to discuss your business insurance needs.