The ever-massive manufacturing industry includes a number of different trades, each with varying specialties, skills, and, of course, risks. And when it comes to risks, no matter if you run a textile mill or a corner bakery, you need a business insurance policy designed specifically to cover your business and the items it manufactures.
Fortunately, our independent insurance agents are here to eliminate the hassle of searching on your own by walking you through a hand-picked selection of top insurance policies to cover both your business and your employees. But first, let’s talk more about the protection you need and why you need it.
Top Insurance Risks for Manufacturing Companies
What Types of Businesses Fall within the Manufacturing Sector?
There are currently 666,849 businesses categorized under the NAICS Manufacturing Industry Sector encompassing a very broad range of markets, including:
- Food Processing and Manufacturing
- Animal Slaughtering and Meat Processing
- Commercial and Retail Bakeries
- Coffee and Tea Manufacturing
- Soft Drink and Bottled Water Manufacturing
- Breweries, Wineries, and Distilleries
- Tobacco Manufacturing
- Fabric and Textile Mills
- Clothing Manufacturers
- Shoes, Handbags, and other Leather Goods Manufacturing
- Wood Preservation Companies
- Wood Manufacturing Companies
- Box and Container Manufacturing
- Book Printing
- Petroleum Refineries
- Petrochemical, Industrial Gas, and Chemical Manufacturing
- Plastics, Resins, and Rubber Manufacturing
- Fertilizer Manufacturing
- Pharmaceutical, Medicinal, and Botanical Manufacturing
- Iron, Steel, Aluminum, and Other Metal Foundries
- Metal Stamping
- Parts and Tools Manufacturing
- Vehicle and Boat Manufacturing
Protect Your Manufacturing Company with the Right Business Insurance Policy
When you’re running a manufacturing business of any type, you run the risk of employee injuries, liability lawsuits, property damage, and losses caused by equipment breakdowns and malfunctions. Fortunately, when you have a business insurance policy that’s tailored specifically for your role inside the manufacturing industry, you can help your company avoid financial losses.
There are several different coverage options that you can add to your business insurance plan, like:
- Product liability insurance: Whether your business is producing automobiles or donuts, if there’s a problem with its design or production that causes damage or injury to others, you could be sued for liability damages. This coverage is designed to cover you against lawsuits brought on by product malfunctions.
- Inland marine insurance: This is designed to cover your finished product while it’s in transit to distribution centers.
- Equipment breakdown coverage: When vital manufacturing machinery or equipment breaks down, it can lead to some pretty substantial financial losses. This insurance provides coverage for damage, repairs, and even rental equipment in case extensive repair times are necessary.
- Business income interruption insurance: If a covered event, like a tornado or fire, forces you to temporarily halt production, your business stands to lose a lot of income. This coverage is designed to provide your company with continued income for up to 12 months or longer while repairs and replacements are made.
These are just a few of the many coverage possibilities that are available with this type of business insurance plan. The coverage options that are right for your manufacturing company will vary according to your particular risks and assets. Because deciding on coverage types and appropriate amounts can often be confusing, it may be to your advantage to discuss your options with an independent insurance agent to get started.
What's So Great About Independent Insurance Agents?
Independent insurance agents excel at matching the most appropriate policy to the business in need. Shopping around for insurance policies can be tricky, confusing, and time-consuming, and an independent insurance agent's role is to simplify the process.
They’re also there to help make sure you get the absolute best deal, and the one that meets your unique needs. They shop and compare insurance quotes for you, and they'll break down all the jargon so that you understand exactly what you're getting.
Finding and Comparing Manufacturing Insurance Quotes
Our agents will review your needs and help you evaluate which manufacturing insurance policy makes the most sense. They'll also compare policies and quotes from multiple insurance companies to make sure you have the best protection out there. They'll hook you up — in a comprehensive and affordable way.