As a manufacturer, you rely on the goods you produce to generate revenue for your business. To protect your income, you must protect the means by which you create products, from your machinery to your staff. At Great Lakes Insurance, we offer insurance solutions that safeguard the financial pillars of your business. We aim to cover your assets and liability exposures so the company you’ve built does not come to a grinding halt.
Addressing Industry Risks
As a manufacturer, you need the same core commercial coverages as other businesses. However, your company may also need several other coverage types that are more specific to your industry niche. It takes an experienced and knowledgeable agent to identify the financial vulnerabilities of your manufacturing business and recommend the appropriate coverages to minimize them. By working with Great Lakes Insurance, you can trust you are teaming up with a local Cloquet & Duluth area agency that understands the inner workings and risks of manufacturers. We can help provide coverage for manufacturers who work in several different fields, including:
- Textiles
- Woodworking
- Plastic goods
- Metals and alloys
- Rubber goods
- And more
Coverage Types
As a business owner, you have goals for yourself and your company, as well as obligations to both your workers and your customers. The right insurance coverage can help you protect what matters most against a wide range of risks.
Workers Compensation Insurance
This is essential coverage for virtually all employers in Minnesota. In manufacturing, there are risks of injury to workers even when you implement stringent safety protocols. Workers compensation insurance helps cover injury-related expenses, such as lost wages and medical bills, when one of your employees is hurt on the job – regardless of fault.
General Liability Insurance
GL coverage protects your business against the burden of litigation when you are sued for third-party damages. It can help pay for the judgments against you for injuries and property damages, as well as your legal fees. We recommend consulting with your agent about liability coverage options and what types of limits may be necessary to protect your business against a major lawsuit.
Property Insurance
Imagine that your warehouse was targeted by vandals who bashed in all of your windows, destroyed your equipment, and burglarized your office space. Property insurance can help you pick up the pieces again with coverage for the structure from which you operate your business, as well as the contents inside. Coverage is typically available for damages caused by several types of perils, including wind, hail, fire, smoke, and more.
Business Interruption
For the same reasons you may need to file a property damage claim, you may also need to shut down your production line temporarily. Business interruption insurance helps keep the lights on in your manufacturing business when a covered event causes a halt in cash flow.
Commercial Umbrella Insurance
Umbrella insurance takes care of you when your primary insurance policies fall short. This coverage is backup liability insurance that pays for excess damages when a lawsuit drains the limits of your primary coverage.
Industry Coverages
When it comes to manufacturing, certain necessary coverage types are not as common among other types of industries and occupations. Depending on the nature of your business, you may need coverage for:
Selling Price Endorsements
As a manufacturer, you depend on selling your products for more than your cost of making them. Since your finished products are the financial drivers of your business, you need insurance that protects their market value – not their production value. A selling price endorsement increases the amount your goods are covered for their full retail value in the event of a covered loss.
Product Recall Coverage
Faulty products can cause legal and financial problems. It is better to recall a corrupted item from the marketplace than it is to continue selling it at risk of consumer injury and loss. However, this process can be costly not only to you but also to the merchants who sell your goods. Product recall insurance can help cover your financial responsibility for the recall of a product you make.
Product Liability Insurance
You take pride in your work and the quality of your products, but mishaps are possible. When you produce an item that results in an injury or property damage, it is possible that the victim may sue you for compensation of damages. Product liability insurance helps protect you against claims of negligence in the design or fabrication of your products. It can cover your legal fees and financial liability up to the limits of your policy.
Manufacturing Errors and Omissions
Sometimes manufacturing errors can result in other types of losses besides injury and property damages. If you are sued for producing a product that resulted in financial losses to a customer or other individual, the manufacturer’s E&O can help pay for your legal defense and your financial liability.
Commercial Auto/Trucking Insurance
Manufacturers often use trucks to move or deliver their products. If you have a company car or a shipping truck, we can help you find coverage options that protect your vehicles against collision and also safeguard your business against accident-related liabilities.
Equipment Breakdown
Your manufacturing equipment gives you the ability to fill orders, and the process of replacing or repairing it can be costly. When one or more of your machines go down due to a covered reason, equipment breakdown insurance can help cover the cost of resuming operations again.
Manufacturing Insurance Quotes
Manufacturing is one of the foundations of our economy. You put a lot on the line when you open for business, and you deserve insurance that yields comprehensive protection against the risks of your industry. At Great Lakes Insurance, we can help you find financial security in manufacturer’s insurance coverages that are custom-tailored to your needs. To find out more or to request your quotes, contact our office today.
