Industrial Insurance

Cover Your Risks with Industrial Insurance

Corporations in every industry, from the oil and gas industry to manufacturing, energy, telecomm and other technology sectors face specialized risks that are particular to their work environment and the materials they handle. To cover these risks, manufacturing and production companies need industrial insurance risk protection.

If you are looking for an industrial insurance agency, consider working with an independent agent in the Trusted Choice® network who specializes in commercial insurance. These agents have access to multiple insurance companies, which means you can get the help you need to find just the right insurance plan for you. Your agent can help to assess your specific risks and craft a customized package that meets all of your requirements. Contact a local agent now for industrial insurance coverage and rate quotes.

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 in a wide range of industries,  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, providing ongoing compensation to the victim or family. Workers comp can provide for replacement income, medical costs and more. It is required in every state, but the specific requirements differ by state.
  • Commercial insurance: Provides the complete commercial coverage industrial corporations require in industries such as oil and gas, paper manufacturing, auto manufacturing and fabricated metals. These corporations deal with risks specific to their industries and need customized business insurance plans to cover those risks, such as 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, formerly known as "workman's comp," has several important features, and is designed to protect both your workers and you, the employer.

Here are some key facts:

  • 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 medical benefits, the employee has a limited right to sue you, the employer.
  • The legal requirements and exclusions vary widely from state to state. Some states require you to have workers comp if you are in business, even if you have no 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 is important to find a knowledgeable local insurance agent who is informed about your state's laws and requirements. Regardless of your state's requirements, you may want to evaluate workers comp for your company to protect your business in the event that an employee is injured or becomes ill on the job.

Some states allow you to self-insure if you have the financial capability to do so and have an active accident prevention program. Typically, your state's Department of Labor and Industries oversees the 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
  • Agribusiness
  • Aviation
  • Transportation
  • Technology
  • Telecommunications
  • Clean energy
  • Public sector services
  • Financial institutions
  • Construction
  • Fabricated metal manufacturers
  • Wood and paper
  • Glass manufacturing
  • Sanitation

The specific coverage plan your company needs will depend upon a range of factors, such as the materials you handle, risks in the work environment, risks to customers, and the size of your workforce.

For example, your organization may need some combination of the following:

  • 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 causes such as fire that require 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
    • Tankers
    • 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 action of your key company leadership, or you may want a business umbrella policy to provide excess liability in the event of a catastrophic legal claim against your company.

An independent agent who specializes in business insurance can meet all of your commercial coverage needs out of one office. These agents work with multiple insurance companies and can assemble the complete portfolio of coverage you need to protect your work force, your equipment and your financial bottom line.

How to Find the Right Industrial Insurance Agency

The bottom line is you need a knowledgeable agent who is well-versed in industrial insurance policies to help you get the protection you need for your workers and for the special risks of your industry. An independent agent in the Trusted Choice network who specializes in commercial coverage can help to assess your risks and concerns and assemble all of the business insurance you need, even if you require policies from several different insurance companies.

Your independent agent can also help you compare rates on various policies you need, so you can find the right coverage at a cost that matches your budget. Contact a local member agent for personalized assistance today.

Now, who's ready to get their insurance problems solved?