Manufacturing Insurance in Kansas City, MO
Employers in the manufacturing sector must often account for many dangerous risks and hazards. Still, regardless of how diligent businesses may be in assessing and addressing potential exposures, it may not be possible to avoid all accidents or errors. With this in mind, it’s necessary to implement and maintain sufficient loss control practices. In the aftermath of a workplace incident, an exhaustive insurance portfolio may prove to be an invaluable investment.
What Is Manufacturing Insurance?
In most cases, manufacturing insurance does not refer to a single type of policy. Rather, this term generally entails a collection of coverages that, when put together, provide ample financial protection for your business across many common risks and exposures. By acquiring and maintaining this package of insurance policies, manufacturing employers may be able to access critical financial resources in response to an incident.
What Types of Insurance Does a Manufacturing Company Need?
Although all businesses have unique circumstances that may affect their specific insurance needs, there are several core types of coverage that may be essential for your insurance portfolio. In most cases, the following policies should be strongly considered:
- Commercial property insurance—This coverage financially protects property used to operate your business, including structures, equipment, tools and inventory.
- General liability insurance—This type of insurance can provide financial assistance if your business is at fault for a third party’s losses, such as from bodily injury or property damage.
- Professional liability insurance—This coverage, also known as errors and omissions insurance, may help pay for legal costs if your company is sued for allegedly providing incomplete, inadequate or late goods or services.
- Product liability insurance—By including this coverage in your portfolio, you may be insulated from customers’ losses caused by defective products.
- Equipment breakdown insurance—If machinery malfunctions or breaks, this coverage can help cover resulting costs, such as lost income and repair expenses.
- Workers’ compensation insurance—This coverage provides financial assistance following a workplace injury or illness, including for medical services, lost wages, disability benefits and legal costs.
- Commercial auto insurance—This coverage can help pay for losses and damages involving motor vehicles used for business purposes.
- Inland marine insurance—If your business transports products and materials over land, this coverage can protect it financially while in transit.
- Business interruption insurance—By including this coverage in your portfolio, you may be able to access financial assistance to pay for costs arising from a temporary pause in normal operations, such as rent payments, employee payroll and lost income.
- Cyber liability insurance—This coverage can help pay for losses and expenses resulting from data breaches or other cyber incidents, such as restoring lost information, repairing compromised systems and paying for legal costs.
- Employment practices liability insurance—This coverage can insulate your business from losses and damages if a current, prospective or former employee sues your business for improper workplace practices, such as wrongful termination, discrimination or sexual harassment.
Get the Right Coverage
At Walnut Risk Management, our insurance experts have the knowledge and experience to help your business assess and address its coverage needs. We will work with you to build an optimal insurance portfolio that can secure your finances and future. Contact us today to get started.