Manufacturing Commercial Insurance
Manufacturing today can be a risky business. While your attention and focus need to be solidly on creating and making outstanding products for your consumers, you also have to invest time and energy on protecting your assets and your business interests with the right insurance coverage.
Manufacturing commercial insurance isn’t a one-size-fits all solution for all manufacturers. Manufacturers make different products and face different risks. As a result, the manufacturing insurance needs of a business making baby products, which are subject to intense scrutiny and countless recalls and legal actions, are different from those of a company that making plumbing pipes or something that has fewer production problems and recall actions.
What Kind of Businesses Need Manufacturing Insurance?
Any business involved in the manufacturing field can benefit from having the right kind of insurance for manufacturing, including businesses in the following industries:
- Candy Making
- Die Making
- Cabinet Making
- Mobile Home Manufacturing
- Baby Product Makers
- Tobacco Makers
- Tool Makers
- And countless others!
The fact is all businesses today need the right type of insurance coverage to protect their interests. Manufacturing businesses, though, face unique needs that must be addressed and the best way to do that for most businesses of this nature is with insurance products designed specifically to help them manage and minimize risks.
What Types of Insurance Coverages do Manufacturers Need?
With so many different insurance products available, it isn’t always easy to know which ones your business needs. You should always work closely with a trustworthy agency, like Phoenix Insurance Group which services central and north New Jersey, to help you identify your coverage needs for the type of insurance and the amount of coverage your business needs.
General Liability. General liability insurance provides protection for injuries that occur on the business property in order to help cover the costs of legal representation and protect personal and business assets from damages that may be awarded.
Business Owner’s Policy. This standard policy is available to small and medium sized businesses. It bundles several different policies, such as business property insurance, income interruption coverage, general business liability coverage, and other coverage types that vary from one provider to the next.
Workers’ Compensation Insurance. Businesses in New Jersey that have employees are required to have workers’ compensation insurance for all employees.
Cyber Liability / Data Breach Insurance. With increasing dependence on computers and Internet access for the conduct of business, it is a point of vulnerability for businesses that presents significant risks for the business both operationally and as a potential liability issue.
Product Recall Insurance. Sometimes it is necessary to recall products either as a result of flaws in the finished product related to manufacturing defects, design defects, or the result of a faulty part or material in the finished product. Product recall insurance helps insulate your business from some of the logistical costs of the product recall including:
- Repair or replacing the products
- Refunds issued
- Legal fees
- Public relations management
Product Liability Insurance. Depending on the product you manufacture, you may also need product liability insurance to cover punitive or statutory damages resulting from injuries related to the products your business created.
Because every business is unique, there are other types of manufacturing commercial insurance policies your business may need, including:
- Products Pollution
- Employee Benefits Liability
- Manufacturing Errors and Omissions
- Manufacturers Selling Price Insurance
- Multinational Coverage
- Equipment Breakdown Insurance
- Inland Marine Insurance
Phoenix Insurance Group is dedicated to serving the needs of Central and North New Jersey businesses. Call us today at: 908-879-6500 to learn more about the unique needs of your business for manufacturing insurance and how we can help.