Manufacturer
Insurance

Manufacturer Insurance

We provide flexible, tailored insurance for manufacturers, along with risk management solutions to help keep your business running strong.

From regulatory compliance issues to equipment breakdowns to damage to your buildings, vehicles or goods, we can help you minimize your business losses. Insurance can provide protection for a variety of risks within a manufacturing business. Have you thought about to what degree you are liable for the products that you manufacture?

Having all of the necessary insurances is to protect your business from things like lawsuits, loss of personal and commercial property, and even damage to your physical buildings.

Some examples of manufacturers that need the right insurance solutions to protect them are:

  • Apparel and clothing
  • Cabinet making
  • Doors and windows
  • Food and beverage
  • Plastics and paper
  • Metal
  • Department of defense contracts

What Insurance Does a Manufacturer Need?

Below we will discuss the types of insurance your manufacturing business may need:

  • General Liability - this helps cover lawsuits resulting form an injury or property damage caused by your business. This sometimes is known as "slip & fall" insurance.
  • Workers Compensation - you may have some contracts that require you to have Workers Compensation for your employees.
  • Product Liability - this is where you would get coverage for allegations of your product being defective or causing bodily injury or property damage.
  • Cyber Liability - being the victim of a cyber attack can put your entire manufacturing floor at a stand still. None of your other insurance policies will cover a loss of your business interruption for downtime due a cyber attack.
  • Product Recall - this coverage is typically not included in most Product Liability policies, it needs to purchased back. This can help you with the cost of recalling products that are deemed defective.
  • Commercial Property - being in South Florida a hurricane can cause major damage to your building and your equipment. This coverage will help you pay for the loss.

 

Having the appropriate insurance protection in the manufacturing industry is imperative because not all components always work well. Its like building a puzzle where all the pieces need to fit perfectly, unfortunately it doesn't always happen.

While your Manufacturing company is not like any other, most have similar exposures, and these are the ways The Bunker can help you protect yours.

Manufacutrer Insurance Frequently Asked Questions

Insurance cost is different for most business in South Florida. There are many factors that come into play. For example: 

  • Do you own your building or rent? 
  • How many employees do you have?
  • Does the business own any vehicles?
  • Are your buying product recall insurance?
  • Have you had any claims in the past?
  • How complex is what you manufacture?
  • What are your gross sales?

All these things and many other things will make a difference in your insurance premium.

Product liability insurance is the only line of coverage that will cover claims brought to you for design defects, manufacturing defects, and defects in your warning and instruction labels.

This is the policy that covers a manufacturing mistake or negligent service that results in a third party financial loss without bodily injury or property damage. It would cover scenarios like: 

  • Poor, incorrect or faulty products that are manufactured, handled, sold or distributed
  • Errors and omissions caused by material defect, including property damage to the product, property damage to the work and property damage to impaired property
  • Negligence or failure to deliver promised services 

Manufacturers are now a large target for cyber criminals. Here are two reasons:

  1. They are after your intellectual property
  2. Access to your supply chain
  3. Likely to pay a ransom to get your operations up and running faster

Start Your Manufacturers Proposal Today!

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