Insurance is important to any business, but manufacturing companies face unique risks that others don’t. For one, it’s vital to have an insurance policy that protects you in the event of an accident or injury. Here, we dive into the top reasons why you need insurance for your manufacturing business.
Peace of Mind
Running a successful enterprise can be stressful enough; the last thing you want to worry about is whether you're adequately protected in the case of an accident or injury.
This protection is especially important in manufacturing, where accidents are more likely to happen. From fires to machinery malfunctions, there are a variety of risks that your business faces daily.
Your manufacturing business is likely your biggest investment, so protecting your assets is important. Commercial insurance can help you by covering the cost of repairs or replacements if something goes wrong.
No one knows when a mishap will occur, but you can be prepared by having adequate commercial insurance for your manufacturing business.
Your staff members are your most important assets, so it's vital to protect them in the event of an accident or injury. Commercial insurance can help cover their medical expenses and lost wages if they're hurt while working for your company.
Protection from Liability
You could be held liable if somebody is hurt while on your property or using one of your products. Commercial insurance can help protect you from liability should an injury occur.
This coverage is particularly crucial if you lack the resources to pay for damages out of pocket. In the event of a lawsuit, commercial insurance can help cover your legal expenses.
In some states, commercial insurance is required for businesses that operate in certain industries, including manufacturing. Any company that is required to have commercial insurance must comply with the state's laws and regulations.
Even if you're not required to have commercial insurance, it's still a good idea to have a policy. After all, accidents can take place at any time, and it's better to be safe than sorry.
If you sell products to other businesses, they may require you to have commercial insurance before they do business with you. For instance, Amazon, the world's largest online retailer, requires some of its sellers to have commercial insurance.
Third parties want to be protected in the event of an accident or injury that occurs while using your products. So if you plan on selling products to other businesses, check their requirements and make sure to get the appropriate coverage.
Shield Your Manufacturing Business with Commercial Insurance
As stated earlier, manufacturing businesses face unique risks, so it's important to have a policy to protect your assets in the event of a misadventure.
If you're uncertain about what kind of coverage you require, contact Hoffman Hanono. We're a leading provider of commercial insurance for operations in the manufacturing industry, and we can help you select a suitable policy for your business. Contact us today to get started.