It would be hard for anyone to dispute the fact that technology isn’t changing things. This is especially true for metal workers in Canada. Technological changes in construction equipment, manufacturing machinery, and infrastructure design are all ongoing and they are changing the way that companies are doing business. While adapting to these new changes might be scary, they also bring on a lot of new lucrative opportunities that one can easily take advantage of. Tool and die makers, structural steel engineers, as well as sheet metal mechanics and other metal manufacturers now have a variety of new and exciting opportunities that weren’t there before.
There is simply no denying that these opportunities aren’t exciting and potentially lucrative for the right individuals, but you must also make sure that you are doing your part to protect yourself as well as your business. And, that is exactly why we are here. We want to help you protect your business to the fullest so that you can take advantage of these new lucrative opportunities.
Examining Coverage For Metal Manufacturers
It really doesn’t matter if you are manufacturing small components or large parts, there are a number of risks that you will face on any given day. From the development and creation of the product right down to putting the product in the customer’s hands, there are always going to be risks. Sure, you can plan for some of these risks, but some of them you can’t. Even the ones that you plan for can set you and your business back to the point of where you are facing near bankruptcy. This is why it is pertinent to protect yourself with specialized coverage that can safeguard you against all potential threats.
Of course, this will mean acquiring the right policies. And, to help make things a little easier for you we have compiled a list of essential coverage packages that any metal manufacturer will want to consider before even going into business.
- Property Insurance
- Inland Marine Insurance
- Commercial Automobile Insurance
- Business Income Insurance
- Crime Coverage
- Cyber Risk Coverage
- Equipment Breakdown Coverage
- Directors & Officers Insurance Coverage
- Excess Liability Insurance
- Commercial General Liability Insurance
How Exactly Does Metal Manufacturers Insurance Help?
If you are in the metal industry in Canada, you probably don’t need anyone to tell you that your business relies heavily on equipment. However, it is your customers that rely heavily on your metal parts. If your part doesn’t integrate seamlessly into their product, you are going to be on the hook for the financial loss. This is exactly where basic coverage like Commercial General Liability Insurance will help out. Commercial automotive insurance can help in the event that you have an accident on the job, but there are other situations that will call for a more specialized approach. This is exactly where our specialized coverage plans can help out.
Molds And Patterns Coverage
You already know that working with molds, forms, dies, and patterns are extremely expensive. You probably also know that it can be extremely risky. Just the slightest oversight and the end product won’t be what you or your customer was hoping. And, this is not to even mention all the potential risks if you are subcontracting out the job. In these situations, you simply have no control over how the product turns our, but this doesn’t mean that your company won’t be held responsible for any mistakes or mishaps.
All that aside, what would happen if your equipment got destroyed. Could you subcontract out everything or could you afford to replace the equipment right out of pocket? Unfortunately, the answer to both of these questions is probably no, but this is why we offer Molds and Patterns Coverage. This policy will protect you if your die equipment is destroyed while it is stored on-site.
Errors And Omissions Insurance
You can have monthly, weekly, or even daily meetings with your employees about job performance and safety, but you will never be able to prevent every disaster or slip up. For instance, just imagine if you created a whole line of bicycle handles, but it turns out that your specs were off and the handles come out wrong. The product would be unusable. Heck, it would probably even be unsalable, but this is where Errors and Omissions Insurance can help out. Our coverage will not only cover the loss to the buyer, but it will also cover any potential court costs if the client wants to take the situation in that direction.
If your business encounters data breaches and or sensitive information is lost or disclosed, then having cyber liability coverage added to the insurance policy for the manufacturing business would be a good idea. In the event claims arise due to cyber attacks, you will be covered as long as the risk is covered by the policy terms.
Ready to get a metal manufacturing company insurance quote? Apply now
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
- Machinery equipment manufacturers insurance
- Meat packing facilities
- Mobile home manufacturers
- Newspaper printers
- Plastic manufacturing
- Seed and produce farmers insurance
- Tobacco manufacturers