Businesses in all types of industry, from oil and gas to manufacturing and telecommunications face a number of different risks every single day.
Now, of course many of the risks are unique to each industry, but with a little help, you can create a comprehensive portfolio of coverage that’s unique to your business’ specific risks.
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.
Average Daily Workplace Fatalities and Injuries
- 15.3 worker fatalities occur per day, on average, in the U.S.
- Additionally, 15,600 worker injuries occur per day, on average
- Workplace illnesses and injuries cost the U.S. an estimated $250 billion each year
What Is Industrial Insurance?
Industrial insurance is considered the same as workers compensation in some areas. However, for many companies, industrial insurance is a broad set of coverage that protects both commercial operations and employees. For that reason, industrial insurance falls into two categories:
- Workers compensation: Covers work-related injuries, illnesses, and fatalities by providing ongoing compensation like replacement income, medical costs, and more to the victim or family. Laws vary by state, so make sure you talk with your independent insurance agent specifically about your location and specific needs.
- Commercial insurance: Provides the complete commercial coverage industrial corporations need. These corporations deal with risks specific to their industries and need customized business insurance plans to cover risks like flammable or toxic substances, and the risks involved in using heavy duty machinery, equipment, and large commercial trucks.
Workers Compensation Protects Both Sides
Workers compensation has several important features, and is designed to protect both your workers and you, the employer.
Here’s a few key facts you should know:
- Workers compensation insurance covers work-related employee injuries, illnesses, and deaths.
- Workers comp also pays a portion of your employee's wages during recovery, or long-term if the worker is unable to return to work.
- In exchange for these benefits, the employee is prohibited from suing the employer for their injuries.
- The legal requirements and exclusions vary widely from state to state. Some states require you to have workers comp if you’re in business, even if you don’t have any employees. Some require any business with more than a certain number of full-time employees (usually three or four) to have workers comp in place.
It’s important to find a knowledgeable local independent insurance agent who knows all about your state's laws and requirements. But regardless of your state's requirements, you may want to evaluate your company’s workers comp plan to protect your business from employee on-the-job injuries.
Some states allow you to self-insure if you have the financial capability to do so and have an active accident prevention program. Your state’s Department of Insurance, or another agency may oversee your self-insurance program.
Industrial Insurance Customized to Your Industry
No matter what industry you work in, there's a customized industrial insurance program to meet your specialized needs. Here are some of the industries covered:
- Oil and gas
- Clean energy
- Public sector services
- Financial institutions
- Fabricated metal manufacturers
- Wood and paper
- Glass manufacturing
The specific coverage plan your company needs will depend upon a number of different factors, like the materials you handle, work environment risks, customer risks, and the size of your workforce.
For example, your organization may need some sort of combo that includes:
- General liability: Covers bodily injury and property damage claims by non-staff visitors and customers.
- Property insurance: Covers damage to the building and grounds from a range of causes, including fire and severe weather.
- Equipment breakdown insurance: Formerly called “boiler and machinery insurance,” this coverage protects your company from potential breakdown of electrical infrastructure and key pieces of business equipment that your company relies on for productivity. The type and amount of coverage needed depends upon your specific industry and equipment use.
- Business interruption insurance: Covers loss of income due to any covered event that requires business downtime. This helps to replace lost revenue and keep the business functioning during repairs or rebuilding.
- Product liability: Provides coverage for claims against your company due to injury or illness related to the use of your products.
- Commercial vehicle insurance: You will need coverage for all vehicles you use on and off-site, including:
- Company cars
- Deliver vans
- Tractor trailers
- Utility vehicles
- Commercial trailers
- Personal vehicles used on the job
You may also need other specific coverage types to meet your full risk management requirements.
For example, you may need "directors and officers liability" insurance to cover company leadership actions, or you may want a business umbrella policy to provide excess liability protection from any catastrophic legal claims against your company.
An independent insurance agent who specializes in business insurance can meet all of your commercial coverage needs out of one office.
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 Industrial Insurance Quotes
Our agents will review your needs and help you evaluate which industrial 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.
TrustedChoice.com Article | Reviewed by Paul Martin
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