2404 IH 35 S.,
Austin TX 78704
Insurance for Manufacturers
Special Issues for a Manufacturer - A manufacturer can have several additional risks and insurance requirements beyond most business. Foremost is Product Liability, the lawsuit risk from a product causing injury to the public.
Got Vendor Insurance Requirements? - You can't make the sale unless you get on the approved vendor list. Many retailers have very intense insurance requirements including Product Liability. Let us guide you to Business Insurance protection you need to qualify.
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Overview of Business Insurance for Manufacturers
Commercial General Liability/ Product Liability - Provides protection from many legal risks for actions of you and your employees. Product Liability normally is included in the General Liability package. Manufacturers typical are offered the more restrictive "Claims Made" General Liability form because of the Product Liability issues. A "Claims Made" General Liability policy can lead to an additional vendor requirement of "Tail Coverage" (extended reporting period for claims) which can be an additional large expense.
Primary elements include:
- Products & Completed Operations (including Product Liability) - protects your business from consequences of your work and products sold
- Advertising Liability - protects your business from accidental infringement of copyright from your promotional activities
- Personal Injury Liability - protects your business from the personal injury events such as defamation of character
- Tenant Legal Liability - protects your business for accidental damage to your rented premise
- Premise Liability - bodily injury or property damage caused by your business operations at your place of work
- Medical coverage - pays for medical expenses by patrons injured in an accident on your premise
Business Income / Extra Expense (Generally included in a "Package Policy") - Loss of use coverages is particularly important for a Manufacturer because you have to get back to making products quickly to keep your customers. Together these insurance coverages help a firm survive the interruption of normal business operations because of an insured loss. Business Income provides funds necessary to maintain your company's financial condition while business is suspended. Extra Expense helps by providing funding to maintain business operations (relocating for example) and to accelerate your business re-opening. These consequential losses can, in some cases, exceed the loss of assets in an insured event.
Commercial Property Insurance - Manufacturing can require a large investment in equipment and inventory. Protection of these business tools, equipment, inventory, building and other assets can be an important issue.
Employment Practices - Any employer can
be held liable for mistakes in handling employment relationships. Small
and mid-sized business are particular venerable since they won't
have the "HR Department" to enforce compliance with the legal
requirements of non-discrimination and other employment rules. Employment Practices Liability Insurance can be important component of your company's protection.
Workers Compensation - Manufacturing often requires skilled workers. Not only do you have a risk of lawsuit if an employee gets hurt at work, but you need their skilled help back as soon as possible.
Workers Compensation provides insurance protection for the employer from the risk of workers getting injured or sick while at work. Also provides compensation for the injured employee including lost wages and medical costs. Two main components: Statutory Worker's Compensation (per Texas State Law) & Employer Liability. For more information, see also - Essay: Why Work Comp?