A Guide to Manufacturing Insurance
Risk is inherent in many industries, but in manufacturing, potential hazards are an inevitable part of business. Advancements in technology have allowed this industry to evolve and become much safer. While this has reduced the risk of injury and improved the overall safety of the industry, some of these advancements have introduced new risk and unfamiliar liabilities — especially products that are new to consumers, which bring another form of risk into consideration.
It’s important for manufacturing businesses to evaluate their exposures and determine the appropriate risk management programs, loss control procedures, and, ultimately, insurance policies, to provide the appropriate protection.
At Doeren Mayhew Insurance Group, we have been helping provide protection for manufacturing businesses for over 100 years and have helped them evolve their practices to meet and exceed current industry standards. Our team of trusted advisors understands the complexities involved in choosing the right coverage based on our clients’ unique factors and risk profiles. With extensive risk management expertise, we also help clients in the manufacturing industry to mitigate risk by enhancing employee safety protocols and maintaining legal compliance to industry-specific threats.
Who Needs Manufacturing Insurance?
There are many companies that can benefit from the specialized coverage that manufacturing insurance offers. From appliance and clothing manufacturers, to small businesses and large corporations alike, any business that manufactures goods or products needs manufacturing insurance to protect its valued assets, property, employees, and more. These may include:
- Appliance & Accessory Manufacturers
- Blinds & Drapes Manufacturers
- Bottling Plants
- Canning Facilities
- Clothing & Apparel Manufacturers
- Computer & Electronics Manufacturers
- Fabricators
- Food Mills & Refineries
- Furniture Manufacturers
- Jewelry Manufacturers
- Luggage Manufacturers
- Meat Packing Plants
- Mobile Home Manufacturers
- Plastic Manufacturers
- Printers
- Publishers
- Textile Mills
- Tobacco Plants
- Tool & Die Manufacturers
- Wood Product Manufacturer
Protecting Manufacturing Businesses
There are a variety of insurance products that are capable of protecting a manufacturing business. These various types of manufacturing insurance cover a variety of exposures.
Commercial Property Insurance
The property utilized by a manufacturing business is invaluable. Should a fire, extreme weather, or theft result in damage to your manufacturing property — or the tools and equipment on the premises — commercial property insurance can help.
Commercial Auto Insurance
We offer protection while you and your team are on the road and operating a business-owned, hired, and non-owned vehicle. In the event of an accident, it can help cover financial losses associated with property damage and bodily injury. Additional risk control solutions may also be available to offer custom protection against commercial auto-related claims.
Workers’ Compensation
Also commonly known as “Workers’ Comp,” this type of insurance helps cover medical costs and lost wages when a team member is injured or falls ill while at work. Additional coverage may also help minimize the financial losses associated with employee rehabilitation or the death of an employee.
Business Interruption
Any interruption to business operations could impact manufacturers’ potential for meeting deadlines, managing supply chains, and meeting customer expectations. If your manufacturing business needed to temporarily close or stop operations, this type of insurance would provide coverage for the associated costs.
Errors & Omissions
Errors or omissions could occur during the production process in any manufacturing business. That said, lawsuits and claims associated with these blunders can be very costly. Errors & Omissions Insurance offers protection for damages caused by an alleged product or work defect, as well as any related litigation expenses.
We’re Here to Help
No matter the size of your business or how long you’ve been operating, it’s important to protect your assets with proper business insurance coverage. At Doeren Mayhew Insurance Group, we offer customized business insurance solutions that protect your manufacturing business against a wide range of business claims. Contact us today to get started.
Follow our latest VIEWpoints.
Related VIEWpoints
Ready to talk?
See how we can help protect your financial well‑being.
(248) 290-0650
Doeren Mayhew" is the brand name under which Doeren Mayhew Assurance and Doeren Mayhew Advisors, LLC and its subsidiary entities provide professional services. Doeren Mayhew Assurance and Doeren Mayhew Advisors, LLC (and its subsidiary entities) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. Doeren Mayhew Assurance is a licensed independent CPA firm that provides attest services to its clients, and Doeren Mayhew Advisors, LLC and its subsidiary entities provide tax and business consulting services to their clients. Doeren Mayhew Advisors, LLC, Doeren Mayhew Insurance Group and its subsidiary entities are not licensed CPA firms.