Textile Finishing And Coating Manufacturers Insurance Policy Information
Textile Finishing And Coating Manufacturers Insurance. Textile finishing and coating operations determine the ultimate appearance of a fabric, as well as influencing its function and lifespan.
Textile finishing and coating manufacturers perform a variety of operations on woven natural or synthetic fabric. It can be cleaned, bleached, dyed, printed, or coated to make it fire, wrinkle or water-proof or stain resistant.
Other processes may be performed that affect the texture, pattern, or life of the fabric. The operations and processes may be performed in several stages, either before or after any cutting and sewing.
The different phases may be carried out in different locations or different countries.
Common operations that fall within this category include the bleaching, dying, and printing of textiles. Different types of coating can render a fabric resistant to heat, water, or wrinkling as well.
This phase in textile processing takes place after weaving, and textiles made from both natural and synthetic fibers can be finished and coated in various ways.
The fact that textile finishing and coating inherently requires the use of numerous potentially-hazardous chemicals that may pose a risk to employees and the environment alike represents just one factor manufacturers in this industry have to consider as they evaluate how they can best protect their business from perils.
This brief guide will help you discover what types of textile finishing and coating manufacturers insurance are essential for companies engaged in this industry.
Textile finishing and coating manufacturers insurance protects your manufacturing business from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked textile finishing and coating manufacturing insurance questions:
- What Is Textile Finishing And Coating Manufacturers Insurance?
- How Much Does Textile Finishing And Coating Manufacturers Insurance Cost?
- Why Do Textile Finishing And Coating Manufacturers Need Insurance?
- What Type Of Insurance Do Textile Finishing And Coating Manufacturers Need?
- What Does Textile Finishing And Coating Manufacturers Insurance Cover & Pay For?
What Is Textile Finishing And Coating Manufacturers Insurance?
Textile finishing and coating manufacturers insurance is a type of insurance designed specifically for companies that produce and sell textiles and fabric products.
This type of insurance provides protection for the manufacturer's financial and legal liabilities that may arise from production processes, including chemical spills, product defects, workplace accidents, and other issues that may cause harm to people or the environment. It may also include protection for the loss of equipment, machinery, and other assets due to theft, fire, or natural disasters.
The insurance policy typically covers the costs of legal defense, settlement payments, and other damages incurred by the manufacturer, helping to safeguard their business operations and financial stability.
How Much Does Textile Finishing And Coating Manufacturers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small textile finishing and coating manufacturing businesses ranges from $57 to $79 per month based on location, size, revenue, claims history and more.
Why Do Textile Finishing And Coating Manufacturers Need Insurance?
Like companies within any other field, those that perform textile finishing and coating operations are exposed to a variety of risks that could have a significant negative impact on their financial health.
If you own and run a company that processes textiles, you will, of course, want to take all possible steps to minimize those risks. You will also, meanwhile, be aware that not all accidents and other perils can be prevented.
Your valuable commercial property - meaning your physical building, but also costly manufacturing equipment and other assets such as raw materials and computers - may be damaged by or lost to theft, vandalism (including the intentional setting of fires), or acts of nature.
Pipes could burst, or any of the flammable chemicals involved in textile processing could lead to a fire.
Essential manufacturing equipment may break down, requiring replacement or repair and forcing you to interrupt production.
Employees within the textile processing industry face a relatively high risk of occupational illness as they are exposed to fumes and dusts used in finishing and coating.
Environmental damage could also occur after spills or leaks, and in this case, the liability costs may prove to be truly massive.
In the unfortunate event that your business is impacted by any of these perils, your textile finishing and coating manufacturers insurance coverage will help you recover from the disaster by shouldering a significant portion of the resulting costs.
What Type Of Insurance Do Textile Finishing And Coating Manufacturers Need?
The location of your manufacturing facility, the types of chemicals you use in finishing and coating operations, the value of your machinery, and the number of workers you employ are just examples of the many factors that influence the exact nature of your insurance needs.
Together with a commercial insurance broker, you can evaluate what types of insurance will best protect your individual company from the risks it is exposed to.
Companies engaged in textile manufacturing operations will, however, certainly benefit from the following kinds of textile finishing and coating manufacturers insurance policies:
- Commercial Property: In the event that a fire breaks out in your facility, your building is hit by an earthquake, or similar circumstances beyond your control result in property damage or loss, this type of insurance helps cover the costs that result. It can further serve as a bridge by covering some of the revenue you lose to these catastrophes.
- General Liability: This type of textile finishing and coating manufacturers insurance covers your legal expenses and any settlement costs in circumstances where third parties file bodily injury or property damage claims against your company. It relates to events that occurred on your premises or as a result of your company's activities.
- Product Liability: A more specialized form of liability insurance, this type covers third party property damage and injury claims stemming directly from your product. Should a heat resistant finishing prove not to serve its intended purpose and this leads someone to become injured, for instance, you would rely on product liability insurance.
- Workers' Compensation: Workers in the textile field face a high risk of occupational injury and illness. When an employee suffers a work-related injury, this type of insurance pays for their medical expenses. It also covers any income they lose as they are out of work due to occupational injury or illness. In the process, the risk that the worker will file a lawsuit is greatly reduced.
These examples of textile finishing and coating manufacturers insurance coverage may not meet all of your insurance needs.
This is why it is so important to talk through the specific risks your business faces with a commercial insurance broker.
Textile Finishing And Coating Manufacturing's Risks & Exposures
Premises liability exposure is limited due to controlled access of visitors. If the manufacturer offers tours, visitors may be injured by slips, trips, or falls. Chemicals used in the coating and finishing may be corrosive and/or toxic. Fire, fumes, spills or leaks may cause serious injury or property damage to neighboring premises.
Products liability exposure is low to moderate depending on the end use of the goods. If used to produce infants' or children's wear, all standards of flammability must be met. Warranties for fire resistive, hypoallergenic, sterile, or waterproof items can result in losses if the products fail to perform.
Environmental impairment exposure is very high due to the use of corrosive and/or toxic chemicals during processing. Fumes and improper disposal of scrap can result in air, ground, or water contamination. Disposal procedures must adhere to all EPA and other regulatory standards.
Workers compensation exposure is substantial due to the chemicals used in coating and finishing fabrics. Many are toxic and special controls are needed. Skin and eye irritations are common, and continued exposure can result in serious lung and respiratory problems. Injuries from production machinery are common, as are burns, cuts, slips, trips, falls, foreign objects in the eye, hearing loss from machinery noise, overheating and exhaustion in high temperatures, and back injuries from lifting.
Employees should be provided with safety training and protective equipment. Areas that generate dust require respiratory protection devices, as well as eye protection and eye wash stations. Repetitive motion injuries can result from ongoing use of machinery. Workstations should be ergonomically designed. The high volume required for production schedules may lead workers to remove guards on the machinery, or to postpone maintenance and repair.
Property exposures consist of an office, production plant, and warehouse for raw materials or finished goods. Ignition sources include electrical wiring, heating systems, and production machinery. Chemicals used in fabric dyeing or coating are often flammable and should be properly labeled, separated, and stored in approved containers.
Dust from some fabrics and from many coatings may present an explosion hazard. These hazards may be severe unless there are dust collection systems that are well maintained. Fabrics and coatings are often highly combustible, especially if poorly stored without adequate aisle space and shelving. Some fabrics, such as silk, are subject to damage by water, moisture, or smoke. Minor fires may result in major inventory losses.
Poor housekeeping, such as failure to collect and dispose of scraps on a regular basis, could contribute significantly to a loss. Unless disposed of properly, greasy, oily rags (such as those used to clean the machinery) can cause a fire without a separate ignition source. Poorly stored material (congestion in the aisles, inadequate clearance) may increase the severity of a loss. Sprinklers may be advisable as well.
Appropriate security controls must be taken including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department.
Equipment breakdown exposures include malfunctioning production equipment, dust collection and ventilation systems, electrical control panels and other apparatus. These should be properly maintained and records kept in a central location.
Crime exposure comes from employee dishonesty and theft of expensive materials such as silk or designer brands. Employees may act alone or in collusion with outsiders in stealing money, raw materials or finished stock. Background checks should be conducted on all employees.
There must be separation of duties between persons handling deposits and disbursements and handling bank statements. There should be security methods in place to prevent theft.
Inland marine exposures include accounts receivable if the manufacturer offers credit, computers (which may include computer-run production equipment), goods in transit, and valuable papers and records for customers' and suppliers' information.
Backup copies of all records should be made and stored off premises. Goods in transit may be damaged by fire, collision, overturn, theft, and water damage.
Business auto exposure may be very high if the chemicals used to finish and coat fabrics are transported by the manufacturer in tanker trucks. Drivers of these vehicles must have a Hazardous Material Endorsement on his or her Commercial Driver License and be trained to contain spills.
Manufacturers generally have private passenger fleets used by sales representatives. There should be written procedures regarding the private use of these vehicles by others. Drivers should have an appropriate license and an acceptable MVR. All vehicles must be well maintained with documentation kept in a central location.
What Does Textile Finishing And Coating Manufacturers Insurance Cover & Pay For?
Textile finishing and coating manufacturers can be sued for a variety of reasons, ranging from product liability claims to employment issues. Insurance policies can provide significant financial protection in these cases. Here are some examples:
1. Product Liability: This is a common reason for lawsuits in manufacturing industries. If a company produces a textile product that is defective, causes harm to customers, or does not meet the specifications or standards promised, they may be sued. In this case, a product liability insurance policy can help cover the legal costs associated with defending the claim, as well as any damages awarded to the plaintiff if the company is found liable.
2. Workplace Accidents: Manufacturing environments can be hazardous, leading to workplace accidents. If an employee is injured on the job and alleges that the company did not provide a safe working environment, the company could be sued. Workers' compensation insurance is a requirement for most businesses and can cover medical bills, lost wages, and legal costs if the company is sued over a workplace injury.
3. Environmental Damage: The textile finishing and coating process can involve chemicals that, if not handled or disposed of properly, could result in environmental damage. A company could be sued for this damage by individuals, businesses, or government entities. Environmental liability insurance can cover the costs of cleaning up the damage, as well as legal fees and damages if the company is found liable.
4. Intellectual Property Disputes: If a company is accused of infringing on another company's patent, trademark, or other intellectual property, they could be sued. Intellectual property insurance can cover the legal costs of defending against these claims, as well as any damages awarded if the company is found to have infringed on the plaintiff's rights.
5. Employment Practices: If a company is accused of wrongful termination, discrimination, sexual harassment, or other illegal employment practices, they could be sued by current or former employees. Employment practices liability insurance can cover the costs of defending against these claims, as well as any damages awarded if the company is found to have acted improperly.
Each of these types of insurance can provide significant financial protection for textile finishing and coating manufacturers, helping them manage the risks inherent in their industry. It's important to note that the specifics of what is covered can vary between policies and insurers, so companies should carefully review the terms of any policy they consider.
Commercial Insurance And Business Industry Classification
- SIC CODE: 2261 Finishers Of Broadwoven Fabrics Of Cotton, 2262 Finishers Of Broadwoven Fabrics Of Manmade Fiber And Silk, 2269 Finishers Of Textiles, Not elsewhere Classified, 2295 Coated Fabrics, Not Rubberized, 3069: Fabricated Rubber Products, Not Elsewhere Classified
- NAICS CODE: 313310 Textile and Fabric Finishing Mills, 313320 Fabric Coating Mills
- Suggested Workers Compensation Code(s): 2413 Cloth Printing - Silk Screen Process - Machinery Operations, 2416 Thread or Yarn Dyeing or Finishing, 4493 Linoleum Manufacturing
Description for 2261: Finishers Of Broadwoven Fabrics Of Cotton
Division D: Manufacturing | Major Group 22: Textile Mill Products | Industry Group 226: Dyeing And Finishing Textiles, Except Wool Fabrics
2261 Finishers Of Broadwoven Fabrics Of Cotton: Establishments primarily engaged in finishing purchased cotton broadwoven fabrics, or finishing such fabrics, on a commission basis. These finishing operations include bleaching, dyeing, printing (roller, screen, flock, plisse), and other mechanical finishing, such as preshrinking, calendering, and napping. Also included in this industry are establishments primarily engaged in shrinking and sponging of cotton broadwoven fabrics for the trade and chemical finishing for water repellency, fire resistance, and mildew proofing. Establishments primarily engaged in finishing wool broadwoven fabrics are classified in Industry 2231; those finishing knit goods are classified in Industry Group 225; and those coating or impregnating fabrics are classified in Industry 2295.
- Bleaching cotton broadwoven fabrics
- Bleaching, kier: continuous machine
- Calendering of cotton broadwoven fabrics
- Dyeing cotton broadwoven fabrics
- Embossing cotton broadwoven fabrics
- Finishing of cotton broadwoven fabrics
- Fire resistance finishing of cotton broadwoven fabrics
- Flocking of cotton broadwoven fabrics
- Mercerizing cotton broadwoven fabrics
- Mildew proofing cotton broadwoven fabrics
- Napping of cotton broadwoven fabrics
- Preshrinking cotton broadwoven fabrics for the trade
- Printing and finishing of cotton broadwoven fabrics
- Refinishing and sponging cotton broadwoven fabrics for the trade
- Shrinking cotton broadwoven fabrics for the trade
- Sueding cotton broadwoven goods
- Teaseling cotton broadwoven goods
- Water repellency finishing of cotton broadwoven fabrics
Description for 2262: Finishers Of Broadwoven Fabrics Of Manmade Fiber And Silk
Division D: Manufacturing | Major Group 22: Textile Mill Products | Industry Group 226: Dyeing And Finishing Textiles, Except Wool Fabrics
2262 Finishers Of Broadwoven Fabrics Of Manmade Fiber And Silk: Establishments primarily engaged in finishing purchased manmade fiber and silk broadwoven fabrics or finishing such fabrics on a commission basis. These finishing operations include bleaching, dyeing, printing (roller, screen, flock, plisse), and other mechanical finishing, such as preshrinking, calendering, and napping. Establishments primarily engaged in finishing wool broadwoven fabrics are classified in Industry 2231; those finishing knit goods are classified in Industry Group 225; and those coating or impregnating fabrics are classified in Industry 2295.
- Bleaching manmade fiber and silk broadwoven fabrics
- Calendering of manmade fiber and silk broadwoven fabrics
- Dyeing manmade fiber and silk broadwoven fabrics
- Embossing manmade fiber and silk broadwoven fabrics
- Finishing of manmade fiber and silk broadwoven fabrics
- Fire resistance finishing of manmade fiber and silk broadwoven
- Flocking of manmade fiber and silk broadwoven fabrics
- Mildew proofing manmade fiber and silk broadwoven fabrics
- Napping of manmade fiber and silk broadwoven fabrics
- Preshrinking manmade fiber and silk
- Printing manmade fiber and silk broadwoven fabrics
- Refinishing of manmade fiber and silk broadwoven fabrics
- Shrinking manmade fiber and silk broadwoven fabrics for the trade
- Silk broadwoven fabric finishing
- Sueding manmade fiber and silk broadwoven fabrics
- Teaseling manmade fiber and silk broadwoven fabrics
Description for 2269: Finishers Of Textiles, Not elsewhere Classified
Division D: Manufacturing | Major Group 22: Textile Mill Products | Industry Group 226: Dyeing And Finishing Textiles, Except Wool Fabrics
2269 Finishers Of Textiles, Not elsewhere Classified: Establishments primarily engaged in dyeing and finishing textiles, not elsewhere classified, such as bleaching, dyeing, printing, and finishing of raw stock, yarn, braided goods, and narrow fabrics, except wool and knit fabrics. These establishments perform finishing operations on purchased textiles or on a commission basis.
- Bleaching raw stock, yarn, and narrow fabrics: except knit and wool
- Braided goods, except wool: bleaching, dyeing, printing, and other
- Cloth mending, except wool: for the trade
- Dyeing raw stock, yarn, and narrow fabrics: except knit and wool
- Embossing linen broadwoven fabrics
- Finishing of raw stock, yarn, and narrow fabrics: except knit and
- Gassing yarn
- Labels, cotton: printed
- Linen fabrics: dyeing, finishing, and printing
- Mercerizing yarn, braided goods, and narrow fabrics: except knit and
- Mill enders, contract: cotton, silk, and manmade fiber
- Printing narrow fabrics, except knit and wool
Description for 2295: Coated Fabrics, Not Rubberized
Division D: Manufacturing | Major Group 22: Textile Mill Products | Industry Group 229: Miscellaneous Textile Goods
2295 Coated Fabrics, Not Rubberized: Establishments primarily engaged in manufacturing coated, impregnated, or laminated textiles, and in the special finishing of textiles, such as varnishing and waxing. Establishments primarily engaged in rubberizing purchased fabrics are classified in Industry 3069, and those engaged in dyeing and finishing textiles are classified in Industry Group 226 or Industry 2231.
- Buckram: varnished, waxed, and impregnated
- Cambric: varnished, waxed, and impregnated
- Cloth, varnished glass
- Coating and impregnating of fabrics, except rubberizing
- Fabrics, coated and impregnated: except rubberized
- Laminating of fabrics
- Leather, artificial or imitation
- Mats, varnished glass
- Metallizing of fabrics
- Plastics coated fabrics
- Pyroxylin coated fabrics
- Resin coated fabrics
- Sealing or insulating tape for pipe, fiberglass coated with tar or
- Sleeving, textile: saturated
- Tape, varnished: plastics and other coated: except magnetic
- Tubing, textile: varnished
- Waxing of cloth
- Yarns, plastics coated: made from purchased yarns
Description for 3069: Fabricated Rubber Products, Not Elsewhere Classified
Division D: Manufacturing | Major Group 30: Rubber And Miscellaneous Plastics Products | Industry Group 306: Fabricated Rubber Products, Not Elsewhere
3069 Fabricated Rubber Products, Not Elsewhere Classified: Establishments primarily engaged in manufacturing industrial rubber goods, rubberized fabrics, and vulcanized rubber clothing, and miscellaneous rubber specialties and sundries, not elsewhere classified. Included in this industry are establishments primarily engaged in reclaiming rubber and rubber articles. Establishments primarily engaged in the wholesale distribution of scrap rubber are classified in Wholesale Trade, Industry 5093. Establishments primarily engaged in rebuilding and retreading tires are classified in Services, Industry 7534; those manufacturing rubberized clothing from purchased materials are classified in Industry 2385; and those manufacturing gaskets and packing are Classified in Industry 3053.
- Acid bottles, rubber
- Air supported rubber structures
- Aprons, vulcanized rubber and rubberized fabric
- Bags, rubber or rubberized fabric
- Balloons advertising and toy: rubber
- Balloons metal foil laminated with rubber
- Balls, rubber: except athletic equipment
- Bath sprays, rubber
- Bathing caps and suits, rubber
- Battery boxes, jars, and parts: hard rubber
- Bibs, vulcanized rubber and rubberized fabric
- Bottles, rubber
- Boxes, hard rubber
- Brake lining, rubber
- Brushes, rubber
- Bulbs for medicine droppers, syringes, atomizers, and sprays: rubber
- Bushings, rubber
- Capes, vulcanized rubber and rubberized fabric
- Caps, rubber
- Castings, rubber
- Chlorinated rubbers, natural
- Cloaks, vulcanized rubber and rubberized fabric
- Clothing, vulcanized rubber and rubberized fabric
- Combs, hard rubber
- Culture cups, rubber
- Custom compounding of rubber materials
- Cyclo rubbers, natural
- Diaphragms, rubber: separate and in kits
- Dress shields, vulcanized rubber and rubberized fabric
- Druggists' sundries, rubber
- Erasers: rubber, or rubber and abrasive combined
- Fabrics, rubberized
- Film, rubber
- Finger cots, rubber
- Flooring, rubber: tile or sheet
- Foam rubber
- Fountain syringes, rubber
- Friction tape, rubber
- Fuel cells, rubber
- Fuel tanks, collapsible: rubberized fabric
- Funnels, rubber
- Gloves: e.g., surgeons', electricians', household-rubber
- Grips and handles, rubber
- Grommets, rubber
- Gutta percha compounds
- Hair curlers, rubber
- Hairpins, rubber
- Handles, rubber
- Hard rubber products
- Hard surface floor coverings: rubber
- Heels, boot and shoe: rubber, composition, and fiber
- Jar rings, rubber
- Laboratory sundries: e.g., cases, covers, funnels, cups, bottles-rubber
- Latex, foamed
- Life jackets: inflatable rubberized fabric
- Life rafts, rubber
- Liner strips, rubber
- Linings, vulcanizable elastomeric: rubber
- Mallets, rubber
- Mats and matting: e.g., bath, door-rubber
- Mattress protectors, rubber
- Mattresses, pneumatic: fabric coated with rubber
- Medical sundries, rubber
- Mittens, rubber
- Mouthpieces for pipes and cigarette holders, rubber
- Nipples, rubber
- Orthopedic sundries, molded rubber
- Pacifiers, rubber
- Pads, kneeling: rubber
- Pants, baby: vulcanized rubber and rubberized fabric
- Pillows, sponge rubber
- Pipe stems and bits, tobacco: hard rubber
- Platens, except printers': solid or covered rubber
- Plumbers' rubber goods
- Pontoons, rubber
- Printers' blankets, rubber
- Printers' rolls rubber
- Prophylactics rubber
- Pump sleeves, rubber
- Reclaimed rubber (reworked by manufacturing processes)
- Rods, hard rubber
- Roll coverings: rubber for papermill; industrial, steel mills, printers'
- Roller covers, printers': rubber
- Rolls, solid or covered rubber
- Roofing, single ply membrane: rubber
- Rubber heels, soles, and soling strips
- Rubber-covered motor mounting rings (rubber bonded)
- Rug backing compounds, latex
- Separators, battery: rubber
- Sheeting, rubber or rubberized fabric
- Sheets, hard rubber
- Sleeves, pump: rubber
- Soles, boot and shoe: rubber, composition, and fiber
- Soling strips, boot and shoe: rubber, composition, and fiber
- Spatulas, rubber
- Sponge rubber and sponge rubber products
- Stair treads, rubber
- Stationers' sundries, rubber
- Stoppers, rubber
- Tape, pressure sensitive (including friction), rubber
- Teething rings, rubber
- Thermometer cases, rubber
- Thread, rubber: except fabric covered
- Tile, rubber
- Top lift sheets, rubber
- Top roll covering, for textile mill machinery: rubber
- Toys, rubber: except dolls
- Trays, rubber
- Tubing, rubber: except extruded and lathe-cut
- Type, rubber
- Urinals, rubber
- Valves, hard rubber
- Wainscoting, rubber
- Wallcoverings, rubber
- Water bottles, rubber
- Weather strip, sponge rubber
- Wet suits, rubber
Textile Finishing And Coating Manufacturers Insurance - The Bottom Line
Not all textile finishing and coating manufacturers insurance policies are the same. You can learn if your business has the best fit insurance policies by talking to an experienced commercial insurance agent.
Often they are able to save you on premiums and offer you better policy options than you currently have.
Additional Resources For Manufacturing Insurance
Learn all about manufacturing insurance. Manufacturers face many unique risks such as product libility and/or product recall exposures due to the nature of their business operations.
- 3D Printing
- Audio & Video Equipment
- Auto Parts
- Bottling Plants
- Brooms & Brushes
- Camping Equipment
- Canned Fruit & Vegetables
- Canvas Products
- CBD Oil And Hemp
- Clock & Watch
- Commercial Air Conditioning
- Commercial Electronics
- Communications Equipment
- Construction Equipment
- Cork Products
- Dairies & Creameries
- Down And Feather Products
- Dry Ice
- Dyes & Pigments
- Electronic Toys & Games
- Exercise Equipment
- Farm Equipment
- Feed & Grain
- Flavoring Extracts
- Frozen Foods
- Fruit Juice
- Fur Garment
- Garage Door
- Gypsum Products
- Ice Cream
- Industrial Equipment
- Iron & Steel Foundries
- Lawn Mowers
- Leather Apparel
- Leather Goods
- Lighting & Wiring
- Lumber & Wood Products
- Machine Shop
- Major Electrical Appliances
- Marijuana Products
- Mattresses & Box Springs
- Metal & Plastic Furniture
- Metal Heat Treating
- Metal Toys
- Musical Instruments
- Nonferrous Foundries
- Ornamental Metalwork
- Paper & Allied Products
- Pet Food
- Plastic & Rubber Toys
- Plastic Goods
- Plastics Molding, Forming & Extruding
- Product Liability
- Psychedelic Drugs
- Pulp & Paper Mills
- Residential Air Conditioning & Heating
- Rubber Goods
- Sawmills & Planing Mills
- Screw Machine Products
- Sheet Metal
- Soap & Detergent
- Small Electrical Appliances
- Sporting Goods
- Stone Products
- Textiles Finishing & Coating
- Tool & Die Shops
- Vegetable Juice
- Vending Machines
- Wire Rope
- Wood Furniture
- Writing Instruments
- Specialty Manufacturing
- Specialty Product Liability
The manufacturing industry is a vital part of the economy and plays a significant role in the production of goods and services. However, it is also an industry that is prone to risks and accidents, which can result in costly damages and lawsuits. Therefore, it is essential for businesses in the manufacturing industry to have insurance to protect them against potential losses.
Business insurance can cover a wide range of risks, including property damage, liability, and worker injuries. For instance, if a fire were to break out in a manufacturing facility and destroy equipment or inventory, commercial insurance could cover the costs of replacing or repairing the damages. Similarly, if a worker were to be injured on the job, business insurance could cover medical expenses and lost wages.
In addition to protecting against physical damages, insurance can also provide financial protection against legal liabilities. If a customer were to sue a manufacturing business for a faulty product, the commercial insurance could cover the costs of legal fees and settlements.
Overall, insurance is essential for the manufacturing industry as it helps to mitigate risks and protect against unexpected costs. Without it, businesses in the industry could face financial ruin in the event of an accident or lawsuit.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Employee Dishonesty, Accounts Receivable, Computers, Goods in Transit, Valuable Papers and Records, General Liability, Employee Benefits Liability, Environmental Impairment Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.