There are a variety of insurance types for those in manufacturing. It’s important to protect your assets and minimize your liabilities. Factory insurance can help you manage these three common manufacturer risks:
1. Production Interruption
Anything that negatively affects or reduces your productivity is a waste of your company’s time, money, and resources. This includes sources of significant wear and tear, or anything that contributes to an electrical or mechanical breakdown. When selecting coverage’s, ask about your options for protecting against losses from production interruption.
2. Property Loss
Through best practices and policies, accidents can be minimized. However, they do still occur. Potential causes may include:
• Extreme weather or natural disasters
• Explosions or fire
• Vehicle impact
• Water leakage
Factory insurance may not prevent accidental damage, but it can ensure that your losses are restored, so that you can get back to business.
3. Security Breaches
Not every loss is hauled away by a cleanup crew with a truck. It’s unfortunate, but scenarios like corporate theft and cyber-crime can be just as detrimental to your company, even if they aren’t as readily apparent. Financial injury need to be covered, as well as any physical destruction resulting from perpetrated crimes on company grounds.
Factoring in Everything
Damages come in many forms and varying degrees of severity. Factory insurance is the best way to put measures in place for your business’s protection and success.