If you own a manufacturing business, you should be aware that running a business, no matter how small, comes with a certain amount of risk. Things like equipment malfunctions and legal claims can end up being extremely expensive and can even put you out of business if you don’t have the funds to deal with them. This is where manufacturers insurance comes into play.
What Is Manufacturer’s Insurance?
Manufacturer’s insurance is a type of insurance coverage that protects manufacturers from a variety of common risks. It can pick up any costs involved if something unexpectedly goes wrong that falls under your coverage.
What Businesses Need Manufacturer’s Insurance?
If your business produces products or goods, it is vital that you have manufacturer’s insurance. Some examples of businesses that need manufacturer’s insurance are:
- Tobacco plants
- Bottling plants
- Clothing manufacturers
- Apparel manufacturers
- Canning facilities
- Meat packing plants
- Food mills
- Furniture manufacturers
- Plastic manufacturers
How Much Does Manufacturer’s Insurance Cost?
The price of manufacturer’s insurance can vary widely depending on a number of factors. Some of these factors are:
- The types of machinery and equipment you use
- Your claim history
- The number of employees you have
- Your location
Running a manufacturing business is not a risk-free endeavor. Make sure you properly protect yourself by purchasing manufacturer’s insurance.