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Insurances you should have for your manufacturing business

Because of the complex nature of the manufacturing business it is very important to have the right insurance. Manufacturing employers and their employees need to be covered in the right way. However, it can be difficult to determine exactly what type of insurances that you need if you have, run or work at a manufacturing company. Here are the generally recommended insurances you should have for your manufacturing business-

- Commercial Liability insurance/Business Owner Policy-This type of insurance covers the liability of the manufacturing business. It is important to know that there are some insurance packages that bundle together this type of insurance with property liability insurance. This is often referred to as Business Owner Policy (BOP). This type of policy coverage should take care of most of the liability that the business will have. Keep in mind that the amount of insurance needed will be in direct proportion to the size of the manufacturing company. This type of insurance is used to cover expenses that will be due to damage or destruction of business property.This also includes any actions or non actions of the business employee's or employers that result in bodily harm or injury, and property damage to an individual.
- Business Interruption Insurance-This type of insurance is often included with the Business Owner Policy. However, if it is not you may want to look into getting some for your manufacturing business. Business interruption insurance is used to cover lost income and expenses that are placed upon a business if there are disaster related damages. This also includes such things as: operating expenses that can continue to happen even if the business is suspended. This would all be covered with this type of insurance.
- General Liability Insurance-This type of insurance is used to provide protection for your manufacturing business against bodily injury claims and property damage. It is important to keep in mind that these are the two most common claims that come up in the manufacturing business. General liability insurance covers a variety of different things that include but are not limited to:
1. Joint venture-This covers all of the owners and their spouses. However, it should be noted that coverage is only extended if the person is injured while performing duties for the manufacturing business.
2. Employees-Your staff will also receive protection under general liability insurance only if an accident or injury occurs while working at the manufacturing business.
3. Legal representatives-Anyone working for you in a legal capacity would be covered under this type of insurance.
4. Vendors-It should be noted that your vendors will only be covered if this provision is written within the policy.
General Liability Insurance is the most commonly known among the manufacturing industry because it covers such a wide span of damages and injury's.It is important for business owners to understand that there is not a question as to whether you would need it but rather how much you need to spend to keep your manufacturing business and employees safe. Having the right insurance to cover the costs of damage and bodily harm is essential for the success of any and all manufacturing companies. Here are some other issues that general liability insurance will cover:
1. Physical damage to the property
2. Restitution for death
3. Court costs
4. Legal fees
5. Loss of business property due to any cause
6. Medical expenses
7. Premiums
8. Costs for physical injury and bodily harm
No manufacturing company should expose itself to the potential problems of not having the right insurance. Having the right type of insurance can often make the difference between the long term success of your manufacturing company or its quick demise.

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