Manufacturers have one goal: to produce quality products in a safe and efficient way that maximizes profit and protects against loss. However, there are risks involved with production, and the last things you need in your workplace are employee injuries, lawsuits, damages to your equipment, and other financial challenges. With manufacturers insurance from Honor Insurance, you can continue to focus on keeping the gears turning on your business and fall back on your coverage in the event of a setback.
We offer comprehensive manufacturers coverage for a wide range of industries, some of which include:
- Textile manufacturing
- Furniture manufacturing
- Wood manufacturing
- Metal goods manufacturing
- Plastic good manufacturing
- Rubber goods manufacturing
- And more
Coverage that is Specific to Your Niche
As a manufacturer, there are certain risks you have that are common to nearly all businesses. There are also hazards your business may face as a result of the industry you work in, which is why you need commercial coverage solutions that fit your niche. At Honor Insurance, we can help you craft a combination of coverages that protect your business, assets, and employees. This may include:
General Liability Insurance
A retail buyer is visiting and touring your manufacturing facility when she slips and falls in a glue spill. She breaks her arm, fractures a rib, and compresses vertebrae in her spine, resulting in surgery, ongoing pain management care, rehabilitation, and lost wages. She sues your business for her losses and wins a large judgment against you. If you have adequate general liability insurance, injuries occurring on your premises may be covered up to the limits of your policy. This includes your financial liability, as well as your court costs and legal fees.
Manufacturing Errors and Omissions
Errors and omissions insurance is professional liability protection that pays for damages when your business is found negligent in its product design or construction. This could include the use of faulty materials, poor craftsmanship, and other professional mistakes.
Selling Price Endorsements
When you purchase insurance that covers your manufactured goods, they are likely valued at either their actual cash value or their replacement value. When you purchase a selling price endorsement, the coverage valuation for your products increases to their retail value, which is their actual selling price. In the event of a loss, this could make a substantial difference in the value of your claim.
Product Recall Coverage
If you realize that you have distributed faulty products, you may need to conduct a recall. Since doing so could result in a loss to your merchants, recall insurance helps cover your liability for any damages and loss.
Product Liability Insurance
If you distribute faulty products that make it past merchants and into the hands of consumers, you could be held liable for any injuries or property damages that ensue. Product liability insurance can help cover the cost of defending your company in court, as well as the cost of your financial liabilities up to the limits of your policy.
Workers Compensation Insurance
Workplace injuries are common in manufacturing businesses. If one of your employees is hurt on the job, workers compensation insurance can help cover necessary medical expenses and lost wages regardless of fault.
An apprentice working in your wood manufacturing shop throws a pile of stain-soaked rags in the corner before locking up for the day. You get a call from the fire department hours later telling you the shop has burnt down due to spontaneous combustion. You’ve lost all of your inventory, equipment, computers, and the structure itself, and you’ll need to close your doors while you rebuild. With manufacturer’s property insurance coverage, insurance can help cover the cost of starting over due to a covered loss. It can also help compensate you for the temporary loss of income so you can continue paying your bills and payroll during the recovery phase.
Commercial Auto/Trucking Insurance
Whether you deliver your products in commercial vehicles or have a fleet of private trucks you use to distribute to your merchants, you’ll need insurance that protects your investment and safeguards your business against accident-related liability.
At the end of the day, you cannot continue fulfilling wholesale orders if your equipment is damaged or destroyed. If an employee user error or a power surge forces you to repair or replace your manufacturing equipment, this type of coverage can help pay for your costs so you can begin production again.
Commercial Umbrella Insurance
Even with extensive liability coverage types and amounts, your company could still be responsible for paying any damages that exceed your insurance limits. With umbrella insurance, you have an extra layer of protection – usually worth millions of dollars – that kicks in if your company exhausts the limits of your coverage.
Manufacturing Insurance Quotes in Arizona
If you own a manufacturing business in Arizona, having just any business insurance will not do. Instead, we invite you to consult with us here at Honor Insurance to find out how a customized manufacturer insurance policy can create a stronger defense against financial risks. As an independent agency, we can shop and compare rates on manufacturing insurance from multiple carriers until we find the right combination of coverages that both minimize your risk vulnerability and also protect your bottom line.
To find out more about Arizona manufacturers insurance or to request your free quotes, contact our office today. We look forward to serving you soon.