AREAS OF FOCUS
manufacturing insurance
The manufacturing business involves large-scale production and relies on many moving components from start to finish. When you have many working hands, machinery, and steps, there are more places where accidents and mistakes can occur. Safeguard your assets and bottom line and get the best protection with the Novinger manufacturer’s insurance policy.
Call 416.613.6684 for any questions about Manufacturing insurance.
Protect your business with manufacturing insurance
Your manufacturing business relies on raw materials, workers, intellectual property, and expensive machinery to produce and assemble finished goods. Risks can vary from product recalls to increases in raw material prices depending on the manufacturing business and sector. While businesses may share similar risks in building products, the slight nuance of working with specific materials or the specific processes and products created is what makes each business drastically different.
Manufacturer insurance is designed to cover a wide range of risks and exposures that the manufacturer faces daily. Before you start serving anyone, make sure you have this essential component to protect your company in case something goes wrong. Get an insurance policy with specialized coverages suited to your needs with the help of our insurance experts.
learn more about manufacturing insurance
In a manufacturing operation, there are many components and products involved. This includes equipment, machines, robots, safety, your business partners, and your property. One part of the operation can have lasting effects along the chain and on others involved.
Manufacturing operations also involve a number of people at each stage of the production and assembly line. An accident or a misstep at any stage by your employees or partners can be costly for your products, business, and livelihood. Having manufacturing insurance can shield you from different types of risks that your business faces on a daily basis.
While each business has varying levels of risk exposures, the consequences can be extensive, time-consuming, and costly. Besides the unexpected expenses, the scope of your operations can exceed the coverage of a general insurance policy. For this reason, a specific coverage like manufacturer insurance is a better alternative.
No matter which industry you are in, any manufacturer can benefit from a comprehensive manufacturing insurance policy.
The following manufacturing businesses can benefit from our manufacturing insurance:
- Automobile
- Textiles and clothing
- Beauty cosmetic products
- Food and beverage
- Metal and mineral fabrication
- Water Treatment
- Electrical equipment and wiring
- Printers and paper
- And more
We can customize coverages for you if you don’t see your industries or businesses listed above. Get in touch with us at 416.528.8305 for a consultation about your manufacturing business. Our experts are specialized and knowledgable about your industry.
Manufacturing policies provide a range of coverages suited to your business and industry needs. Customized solutions can be created just for you based on the type of risks and the amount of risk exposure.
The following are coverages that may be included in a Manufacturing Insurance policy:
- Business interruption
- Commercial general liability (CGL) insurance
- Commercial property insurance
- Commercial crime
- Cyber liability
- Umbrella liability
- Products liability
- Equipment breakdown coverage
- Errors & omissions insurance
- Transportation
- Loss and damage
- Property in transit
It’s also in the insurer’s best interest that you avoid an incident so many of the best ones will offer training and tools to insureds regarding how to mitigate manufacturing risk.
The premium depends on many variables related to your business. The following factors help determine how much premium you can expect to pay for your coverages:
- Types of products manufactured
- Processes involved
- Value of machinery, raw materials, and building
- Number of employees
- Level and type of risk exposure
- Size of your company and location
- Year of experience
- Annual revenue
- Policy Terms
Insurance is not “one size fits all.” After all, your business is unique in all aspects. Talk to one of our experts at Novinger Insurance to find the right solution for your business.
Common manufacturing exposures and risks may include:
- Cyber risk
- Process related fire and explosion hazards
- Equipment breakdown
- Product recall
- Electrical installation
- Frozen or burst pipes
- Employees (fraud or accident)
- Suspended operations
- Theft of materials, stock, and equipment
- and more
To ensure that you have the proper level of protection you need to run your business properly, contact us and let our experts help you find the ideal insurance policy.
