Business insurance can be complex, and it is critically important to get it right. Many different types of commercial coverages may apply to your business, and understanding how these coverages work and what they may cover is instrumental to insuring your business properly.
Because of the complexities, working with an agent who understands the risks and hazards associated with large manufacturing facilities is helpful. Read this helpful guide to learn more about the important insurance coverages you should consider, then reach out to the experts at RogersGray for more help.
KEY BUSINESS INSURANCE COVERAGES
There are many different types of business insurance to consider as a large manufacturer. Because your needs are specialized, it is important to work with an agency that knows your business and risks.
Consider purchasing the following types of business insurance coverage:
- Business Income – Business Income coverage is designed to help in cases where a business suffers a loss of income related to a slowdown or shutdown caused by a covered cause of loss. This commercial property insurance is useful when you have to shut down or move your operations.
- Workers’ Compensation – Workers’ Compensation coverage is required for most large manufacturers and is important coverage. It helps injured workers with medical and rehabilitation expenses and lost wages if injured while at work. Your rates often depend on your industry, past accidents, and the size of your operation.
- Product Recall – Product recall insurance is important coverage for many large manufacturers. This insurance product is designed to cover you in the case of product recalls – it can help with expenses related to consumer communication, public relations, shipping, and disposal expenses.
- Product Liability – This coverage helps to protect large manufacturers from risks associated with damages or injuries caused by the use or failure of their product.
- Commercial General Liability – The CGL is an important basic insurance policy for most businesses. This policy helps to protect you from liability claims from property damage and bodily injury claims.
- Employment Practices Liability Insurance – EPLI can be critical to you as an employer. This coverage helps protect you from lawsuits filed by your employees claiming their rights have been violated. Suits can stem from sexual harassment claims, discrimination, wrongful termination, and many other things. Even if you are ultimately cleared of any wrongdoing, defending a lawsuit can be expensive and time-consuming.
- Commercial Auto – Commercial auto insurance is important for vehicles your business owns or employees who may be driving vehicles while in their employment with you.
- Cyber Liability Coverage – Offers protection for lawsuits as a result of a data breach as well as other threats like extortion, forensic investigation and notification costs, system damage, business interruption, and social engineering
Some or all of these coverages, and more, might be right for your large manufacturing business.
Protecting your business from the risks and hazards associated with large manufacturing operations is important to its success. The right commercial insurance coverage package can make all the difference – be sure your business is properly covered from all the specialized risks that it faces with a policy from RogersGray.
HOW DO I LEARN MORE?
Now that you know more about commercial insurance coverage for large manufacturers, you can contact the experts at RogersGray for more information. Our licensed professionals will be happy to answer any questions you have.
Protecting your business from the risks and hazards associated with large manufacturing operations is important to its success. The right commercial insurance coverage package can make all the difference – be sure your business is properly covered from all the specialized risks that it faces with RogersGray.
STILL HAVE QUESTIONS?
Send them our way and we will do our best to help!
Greg Deems, CRIS
Executive Vice President | Partner
Greg is a Partner and Executive Vice President of RogersGray with a focus on Construction Insurance for both general programs and builders risk. He holds a CRIS designation and is an active member of the ABC, Mass Building Congress, CFMA, and UCANE.
Greg is involved with Friendship Home, Fenway Alliance, and the Plymouth Area Coalition for the Homeless. Deems has also been recognized with several regional and professional recognitions, including the South Shore Stars 40 Under 40 (2014), Cape and Plymouth Business 40 Under 40 (2014), Insurance Business America Young Guns (2017) and Elite Producer for Energi (2014, 2015, 2016,2017). You can connect with Greg on LinkedIn or by email.