What kind of liability insurance do you need in manufacturing?
Starting with the basic commercial liability insurance. There are some great packages that bundle the general liability insurance with property liability insurance. You will see these packages are often times referred to as BOP.
It is more important than ever to have good liability insurance because more than ever law suit numbers are increasing every year. The fact that people want to sue more is just inevitable. Without the proper coverage you would be open for not only a financial loss, but also eve a loss that could end up being your company.
Here is a brief explanation of what this insurance is and what it can do for you.
General liability insurance:
This will generally provide protection against claims of bodily injury and property damage. This claims are most often what comes up in a manufacturing business. These types of lawsuits are the most common for the manufacturing business owner.
Here are some of the entities that the general liability insurance would cover.
1. If you have a business that is a joint venture or partnership, then the policy would cover all owners involved. This usually also covers the spouses of those owners. However, it will only cover those persons at the time they are doing something that is directly related to the business.
Overall the fact that you need general liability insurance for a manufacturing company is well known. You will want to make sure that your company is protected. Also, that the people working within your company are protected. This is why this insurance is so detrimental for the success of a manufacturing company.
Physical damage to the property
There are many other types of coverage that your liability insurance would cover. Be sure to talk to your insurance representative to get a clear picture of what you can expect for coverage. This is some of the basic information for what kind of liability insurance you need in manufacturing.