Insurance protection is crucial for owners of manufacturing companies. There are numerous things that can go wrong when your employees are operating heavy machinery day in and day out. On top of that, your building, grounds, and other property play a key role in the line of work that your company does.

No matter how large or small your manufacturing business is, you’ll need to have the right insurance policies in place should the unexpected strike.

What Types of Insurance Should a Manufacturing Company Have?

No matter the type of manufacturing that your company does, you should have these basic business insurance policies in place.

Property Insurance. Property insurance is designed to cover your building and its grounds should something happen, like a windstorm or fire. Without property insurance, you could be stuck paying for repairs out of pocket, which could lead to a huge financial hit to your business.

Business Interruption Insurance. If something should happen to your manufacturing company’s building that leaves it out of commission, you can recoup some of your lost revenue and temporary moving expenses with business interruption insurance.

Business Liability Insurance. What happens if someone is injured on your company’s property? If that person isn’t an employee, your business could be found liable for their medical expenses. Business liability insurance is designed to cover these situations, as well as numerous others.

Equipment Breakdown Insurance. Manufacturing companies rely heavily on their equipment. Without these machines, nothing can be successfully produced, and customers would go without the parts they need. Thankfully, equipment breakdown insurance can help provide reimbursement for repair costs and other necessities.

Commercial Vehicle Insurance. If your manufacturing company owns vehicles that are used for business purposes, you need to have commercial vehicle insurance coverage in place. Standard auto policies don’t apply to company vehicles, leaving you responsible for potentially paying for damages and other expenses out of pocket. It’s best to have the right type of vehicle insurance.

Cyber Liability Insurance. Hackers have been targeting businesses both big and small for many years, which is why your business needs to have a cyber liability insurance policy in place. The insurance will provide reimbursement for new security measures, help you alert your customers about the breach, and more.

Workers’ Compensation Insurance. The state of North Carolina requires you to have workers’ compensation insurance in place if your business has employees. This is even more important for manufacturing companies, where even the best safety precautions can lead to injuries. It’s better to be safe than sorry when it comes to taking care of your employees.

Other Types of Insurance Protection You May Need

Depending on the type of manufacturing that your company handles, you may need other types of insurance as well. At Charlotte, our agents can put together a package that includes the policies that you need to protect your business and your bottom line.

Examples of other forms of insurance include:

  • Umbrella Liability Insurance
  • Product Recall Insurance
  • Environmental Insurance
  • Excess Liability Insurance

Are you ready to purchase insurance or additional coverage for your manufacturing business? Don’t delay. Contact us today.