Manufacturing is one of the economic cornerstones of Wisconsin and our country as a whole. The industry presents lucrative financial opportunities, but it also comes with risks. If you operate a manufacturing business, whether big or small, you need the right balance of insurance coverages to help protect its future and avoid unnecessary financial setbacks. At Gutman Insurance, we can help you find insurance solutions that keep your lines moving when unexpected events could otherwise threaten company cashflow and or worse – solvency.
Risky Business – Mitigating Manufacturing Hazards
For manufacturers, some dangers go beyond the standard risks of owning a business. In addition to things like premises liability and property damages, there are increased hazards for workers on the line – particularly those who may work with heavy machinery or dangerous equipment like drill presses, band saws, or food processing equipment. Even the most experienced workers can make mistakes, resulting in workplace injuries. Also, the equipment you use to manufacture products is essential to the continuity of your business. If a fire destroys it, you could face ceasing operations and long-term production delays, which ultimately affects your company’s income.
Having the right insurance coverage can keep your company in the green when unexpected events cause expensive loss. Work with an independent agent at Gutman Insurance to determine which types of coverages are right for your business. A typical manufacturer’s insurance portfolio may include protection for:
Workers Compensation
Workers compensation insurance is an essential part of manufacturer coverage, not only because it is legally required in Wisconsin, but also because it helps protect business owners against employee injury and illness-related lawsuits. No employer wants an employee to get hurt on the clock, but accidents happen – especially in the manufacturing industry. By filing a worker’s compensation claim, an employee can obtain compensation for lost wages as a result of workplace injuries, as well as receive necessary medical and recovery care.
Liability Insurance
Third-party liability damages can span a wide range of claims, from faulty products and false advertising to cyber liability and premises injury. There are various types of liability insurance, including general liability, which safeguards your business against broad, general business risks. Liability insurance helps pay for medical bills and other damages your business is responsible for, as well as the cost of defending your company against litigation.
Commercial Umbrella Coverage
Umbrella coverage is supplemental protection against liability damages that cost more than your primary liability insurance limits will pay. This coverage helps cover excess damages – usually with millions of dollars in additional liability protection.
Commercial Auto and Truck Coverage
Depending on the size and scope of your business, you may own one or several vehicles or delivery trucks for your manufacturing business. At Gutman Insurance, we can help you find commercial coverage that protects your fleet against damages, your business against accident liability damages, and drivers against accident-related injury.
Property Damage
Could you afford to replace hundreds of thousands of dollars in stolen materials, goods, or equipment if they were wiped out by fire or theft? As a manufacturer, your profitability depends on your ability to store materials and house equipment to create goods. Property insurance can help cover your physical assets against covered loss events so your business can be up and running against as soon as possible.
Business Interruption
There are still bills to pay while you are waiting for your business to resume operations after a covered loss event. Business interruption insurance can help you cover ongoing costs, such as payroll and utility expenses until you can begin manufacturing and delivering goods again.
Equipment Breakdown
When your fabricating equipment fails, your business output can slow to a stop. If your equipment breaks down due to a covered reason, this coverage can pay the cost of repairs or replacement.
E&O (Errors and Omissions)
Mistakes happen, and sometimes they are costly. Regardless of how long you have been fabricating goods, if you make a professional error that causes third-party financial loss, the manufacturer’s E&O insurance can help cover the cost of legal fees and financial damages.
BOP Insurance
Often, manufacturers are eligible to combine certain commercial coverages to simplify their insurance and make it easier to manage. BOP insurance allows you to include general liability, property damage, and business interruption insurance into one policy. However, not all coverages can be included in BOP coverage. For example, you will still need to purchase your commercial auto, umbrella, and workers’ compensation policies separately. An agent here at Gutman Insurance can help you better understand the benefits and limitations of BOP insurance to determine if it may be right for you.
Wisconsin Manufacturing Insurance – Get a Quote
At Gutman Insurance, we want to support the Wisconsin manufacturing industry and the people who work in it. We offer coverages for a wide range of niches, including manufacturers that produce:
- Food manufacturing
- Paper goods
- Rubber
- Alloys
- Metal goods
- Chemical products
- Textiles
- Electronics
- Machinery
- Automobile parts
- Plastics
- Wood/Carpentry Products
- Durable medical equipment
- Sporting goods
- Clothing
- Appliances
- And more
Because the nature of manufacturing can be complex, we recommend consulting directly with an independent agent to assess your company’s risks and the coverages that may be needed to mitigate them. Coverage needs vary from business to business, as well as from manufacturer to manufacturer. There is no one-size-fits-all solution.
If you own a manufacturing business in Wisconsin, let Gutman Insurance help you protect it. Contact our office to request a quote and discuss options for safeguarding your company against future loss events.
