Most machinery equipment is very expensive. This is a good thing for your business. If you’re able to produce good equipment, there is a good chance that you’re going to land excellent contracts. With that being said, you should know that you face many risks too. There is always a chance that you’re going to end up running into issues. Machinery equipment is a precise thing. If one little thing is off, there is a good chance that the equipment will not work as intended. Then, your company could be deemed responsible and sued for that problem.
Well, you need to acquire machinery equipment manufacturer insurance. This coverage will protect you from such problems. Below, you’re going to learn more about the insurance needs of machinery equipment manufacturers.
Insurance Requirements Of Machinery Manufacturers
At the end of the day, you should start with the basics. You should acquire commercial general liability insurance, commercial automobile insurance, and property insurance. This is a good starting point but it is not going to be enough for all companies. You’ll also need additional coverage to shield your company for other risks. There is no universal solution here. You need to make sure that you have a sufficient amount of coverage for each risk that you face. Some of the other coverage options that you’ll want to add to your policy include cyber risk, equipment breakdown coverage, excess liability insurance, and crime coverage.
Without this coverage, you’re going to be leaving your company vulnerable to numerous problems. Get covered today and you’ll be able to weather the storm of any lawsuit.
When Equipment Manufacturer Insurance Will Be Helpful
Many people believe that this type of insurance is a sham. This couldn’t be further from the truth. By acquiring these this of insurance, you’ll be able to protect yourself from numerous problems. Again, you should start with the basics. CGL, automobile insurance, and property insurance will be extremely helpful. However, it is not going to protect you to the fullest. You’ll need to acquire additional coverage to ensure that your company is protected from every possible problem. Otherwise, you’re going to be taking a huge gamble and that is not worth it.
Below, you’re going to learn about the other coverage options and the reasons they’ll be helpful for your business.
You’re dealing with equipment and machinery. There are many tiny parts. If you miss one or use the wrong one, there is a chance that the equipment is not going to work as intended. This can create big problems. What is going to happen if you ship out faulty equipment to numerous customers? You’re going to find yourself needing to recall the product in question and this can be very costly. Well, you can protect yourself by acquiring Manufacturers and Wholesales Product Impairment insurance. This type of coverage will offer some reimbursement for loss of income. Remember that there is a limitation of $50,000. Nevertheless, this can help a lot.
Since you’re dealing with this type of equipment, you might be required to work on and offsite. Your techs will need to travel to the customer’s warehouse to repair the machinery. Anything can go wrong. This is why you’ll want to obtain installation floater insurance. This is a good option for machinery manufacturers. The insurance will protect your workers when they’re working offsite. It offers protection from fires and theft of goods. This insurance will protect your products when they’re in storage too.
Finally, you should obtain errors and omissions insurance. This will be very helpful for a business in your line of work. Remember that you might end up supplying the wrong equipment to your customer. If that happens, you’re going to be held liable and you’ll be sued for the mistake. It was a simple mistake but the lawsuit might be massive. E&O insurance can help cover the costs.
Dealing With The Risks
Here at ProfessionalsCoverage, we feel that it is essential to educate the customer. This is why we’re willing to work with you directly. We also provide risk assessments to determine the exact type of coverages that should exist on a manufacturing company insurance policy for our Canadian customers. If you want to learn more about the risks you face, you should choose us as your insurance provider. This will ensure that you’re able to take steps to minimize your risks.
Other manufacturing businesses that we provide liability insurance for:
- Auto parts manufacturer insurance
- Clothing manufacturers
- Food & beverage manufacturing insurance
- Food canning
- Computer manufacturing
- Candy makers
- Cabinet makers
- Concrete manufacturers insurance
- Electronic manufacturers
- Frozen food manufacturers
- Furniture manufacturers
- Livestock farmers insurance
- Meat packing facilities
- Metal manufacturers insurance
- Mobile home manufacturers
- Newspaper printers
- Plastic manufacturing
- Seed and produce farmers insurance
- Tobacco manufacturers