Factory insurance is highly valuable for manufacturers as it covers any financial loss due to damage to buildings, goods, equipment and machinery. As a factory owner, you carry the highest risk among all commercial properties. You are storing stock, equipment and goods in your factory or warehouse that might get damaged by fire, flooding, lightning and explosion or implosion.
There are many factors that determine what kind of insurance coverage is recommended or needed. This can range from the size and location of your business to the processes that are being carried out. If you are a manufacturer, you might need to insure more than just the physical assets of your factory.
Options for Reducing the Risk of Maintaining a Factory Even Further
Aside from property insurance and equipment breakdown, factory insurance can include the following:
- General and executive liability
- Workers’ compensation
- Commercial automobile
- Manufacturers errors and omissions
- Foreign, liability, kidnap and ransom
Being a manufacturer of products is a highly versatile and complex duty that opens you up to a lot of liability. It is recommended to consider all aspects of your business in order to determine what coverage suits your needs best. Obtaining insurance for your factory can prove itself to be difficult due to the many processes involved. An experienced insurance specialist can help you find the right coverage blend for factory insurance.