Binder manufacturers are part of the “printing manifold business forms and manufacturing blankbooks, looseleaf binders, and looseleaf devices” industry, or more simply, part of the diverse and complex commercial printing industry.
Binder manufacturers are unique. Most combine the capabilities of a commercial printer and a manufacturer in order to design, manufacture, and print everything from basic 3-ring binders to custom binders, boxes, packaging, padfolios, and more made from leather, vinyl, fabrics, papers, acrylics, and a wide variety of materials, inks, and formats.
If you operate a binder manufacturing business, you need to make sure you understand your business risks, so you can protect yourself and recover financially if you have a loss.
Binder manufacturing insurance can help you protect all aspects of your business, including your customers, your employees, and your property and equipment.
Why Do You Need Binder Manufacturer Insurance?
Binder manufacturers are unique and complex operations. You’re likely involved in every aspect of producing basic or custom binders and other similar products. You’re likely to offer a variety of services, including:
- Consultation and design
- Pre-press and printing
- Casing and lining
- Flexing and ringing
- Shipping and distribution
Binder manufacturers need a comprehensive business insurance program that protects their assets and ability to operate. This means protecting both your manufacturing and printing operations from property losses and lawsuits.
Binder manufacturer insurance can help you cover losses related to:
- Employee injuries and illnesses such as injuries caused by machinery and equipment, slips and falls, repetitive motion injuries, and more
- Third-party (customers, suppliers, vendors) injuries and property damage on your premises or as a result of doing business with you
- Facility and equipment damage due to industrial accidents, fire, vandalism, severe weather, and other unforeseen events
- Machinery and equipment breakdown
- Business interruptions due to industrial accidents, fire, vandalism, natural disasters, machinery breakdown, utility interruptions, and more
- Products and inventory damaged in transit
- Lawsuits related to product defects or professional errors
Without binder manufacturer insurance, how would you rebuild, make repairs, or replace your lost property or income? Would you be able to pay for attorneys and settlements if you were sued?
Binder manufacturer insurance keeps your business viable even when the worst happens.
What Does Binder Manufacturer Liability Insurance Cover?
Liability insurance is the first line of defense from lawsuits for any manufacturing or printing business. Liability insurance, in its many forms, protects your business when a third party claims that your business, employees, or products have caused some type of damage or injury.
In these cases, you may be required to pay for medical bills and lost wages for injured persons. And you can expect to pay to repair or replace damaged property.
What’s more, there is a high likelihood of you being sued. Defending a lawsuit costs a lot of money. But you must defend yourself, even in cases where the accusations are without merit.
Binder manufacturers need several types of liability insurance to protect them in these situations.
- Commercial general liability (CGL) insurance: This is necessary when your business is careless and causes bodily injury or property damage to someone else, such as a customer, vendor, delivery person, or some other member of the general public. A CGL policy provides coverage for attorney fees, court costs, settlements, and judgments.
- Product liability insurance: This covers your financial responsibility for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of your product. If you are sued for some type of product negligence, you may be required to pay for medical costs, compensatory damages, economic damages, attorney fees, and court costs.
- Commercial auto insurance: This covers your vehicle fleet and drivers in the event of an auto accident or other vehicle damage.
- Commercial umbrella insurance: Also known as excess liability insurance, this provides an extra layer of liability protection to several of your other liability policies. It is activated when the limits of your other applicable liability policies (e.g., CGL, commercial auto) have been reached for a covered claim.
What Does Binder Manufacturer Property Insurance Cover?
Your binder manufacturing facility is filled with machinery, heavy equipment, electrical components, and a wide variety of flammable materials like fabrics, leather, plastics, paper, and more. You also have valuable computers and design applications, printing presses, office furniture, and much more valuable commercial property. A single spark could ignite a fire that devastates your offices, cripples your manufacturing and printing facilities, and destroys your livelihood.
What’s more, your building, equipment, and inventory can be damaged in many other ways. Break-ins, theft, vandalism, severe weather (wind, hail), and other natural disasters can damage or destroy your buildings and their contents and leave you unable to operate until you make repairs.
You need customized insurance policies that protect all of your business property:
- Commercial property insurance: This covers your building(s) (plant, warehouse, office) and other property after a loss. It is invaluable coverage that allows you to replace your manufacturing facility, printers, custom manufacturing equipment, binder materials inventory, office buildings, office equipment, furniture, computers, and more if they are damaged or destroyed.
- Business interruption coverage: This is part of your commercial property policy. If you are temporarily unable to operate while you make repairs or replace equipment, it pays for ongoing expenses like rent and employee salaries. And it reimburses you for lost income, relocation fees, and other expenses related to the covered loss.
- You may want to consider utility interruption coverage, as well. It provides coverage when a utility interruption (power, water) causes a work stoppage and results in a financial loss.
You also need specialized coverage for your expensive manufacturing and printing equipment.
Imagine that an important machine or printing press breaks down in dramatic fashion, damaging nearby materials and part of the plant floor too. What’s more, the machine is so essential that you can’t operate until it is replaced.
- Equipment breakdown insurance: This supplements your commercial property policy. It covers certain costs associated with accidental breakdown of machinery or equipment and the resulting property damage and lost income.
Binder Manufacturers Need Workers’ Compensation Insurance
Your binder manufacturing facility can be a dangerous place for your employees. They can easily be injured as they work with heavy equipment, printing presses, inks, and various chemicals. Your employees might experience cuts, pokes, crushed fingers or limbs, repetitive motion injuries, and other types of job-related injuries or illnesses.
Excessive employee injuries and illnesses can be financially devastating for your business. And a work related injury could destroy an employee’s physical wellness and ability to work.
Workers’ compensation insurance: This provides insurance coverage when accidents happen at the workplace, regardless of who is at fault. It ensures that the injured worker gets medical care and income protection. And it may provide death benefits for a worker’s family if there is a fatality.
Do You Need Other Binder Manufacturer Insurance Policies?
Basic property and liability insurance offers broad protection for binder manufacturers, but they don’t cover everything. There are numerous other binder manufacturer insurance policies that you’ll need to consider to make sure you don’t have any gaps in coverage.
- Cyber liability insurance: A virus, hacker, or a glitch in your computer system can wreak havoc on your printing business. When clients, employees, vendors, or others have their sensitive data compromised, you’re responsible for paying for many of the damages, and you may also be sued. Cyber liability insurance protects you from the risks associated with cyber attacks, data breaches, viruses, and other cyber-related issues.
- Environmental liability insurance: The inks and solvents that you use in the printing process could be toxic and may contaminate the air, ground, or water if they are not handled properly. Environmental liability insurance covers a variety of pollution exposures.
- Computers and media coverage: This helps you pay to replace lost data and related lost income if your computers are damaged by a covered loss, such as theft, vandalism, viruses, or malware. It may also pay for physical damage to computers or hardware.
- Printers and publishers professional liability insurance: This is a special type of errors and omissions insurance designed for commercial printers and publishers. It protects you if you make a mistake or an error during the printing process or if you fail to deliver products as promised (such as missing a deadline).
- Inland marine insurance: This protects you from losses when cargo is damaged in transit. Any piece of property that is moved from one location to another can be covered with an inland marine policy.
How Much Does Binder Manufacturer Insurance Cost?
Binder manufacturer insurance costs will vary depending on the size of your business and the coverage you need. A large binder manufacturer will pay more than a small one. A business located in a hurricane zone might pay more than one located away from the coast.
With so many variables (e.g., number of employees, types of manufacturing and printing equipment, size and location of your building, and the volume and geographical distribution of your products), insurance costs can be hard to predict.
But an independent agent can guide you though your options so you get coverage that meets your budget.
Find and Compare Quotes
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right binder manufacturer insurance. They’ll walk you through the handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get — but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
©2020, Consumer Agent Portal, LLC. All rights reserved.