What Is Manufacturing Insurance and Why do You Need It?

Manufacturing Insurance

Companies who manufacture products need many of the same insurance coverage as other types of businesses. Manufacturing insurance combines standard business insurance coverages, such as general liability, workers’ compensation, and property damage with coverages designed to address the unique risks of the manufacturing industry.

What Types of Risks Are Covered?

Because manufacturers make things, they need insurance coverage that protects them from the risks involved with the products they produce. Coverages that protect against product risks include:

  • Completed products
  • Recalls
  • Products liability
  • Warranties and Reps
  • Intellectual property

Who Needs This Kind of Coverage?

Anyone who makes a product needs manufacturing insurance. Examples include bottling plants. textile mills, electronics makers, food processors, meat packers, printers are many others.

What Are the Benefits of Manufacturing Insurance?

The experts at https://www.byrnesagency.com/ point out that a manufacturing company could spend a lot of money trying to purchase separate insurance policies to cover all of the different types of risks manufacturing companies face. Bundling these policies together can cut costs and help ensure that companies are addressing all of their coverage needs by bringing all of their policies under one umbrella.

Manufacturing companies face a complex and varied collection of risks. Manufacturing insurance can help businesses obtain the right kinds of coverage at the right price for their specific needs.

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